The U.S. Coin Task Force is asking financial institutions and the public to take steps to help alleviate the coin shortage that began during the pandemic. Specially, the group wants consumers holding onto coins to deposit or exchange them to replenish national supplies, and for financial institutions to return excess coins to the Federal Reserve.
As part of its #getcoinmoving campaign, the task force is asking consumers to make purchases using exact change, deposit excess coins with financial institutions or exchange coins at a coin redemption kiosk. Currently, more than 60% of coins in circulation sit with consumers. “The coins in piggy banks, jars and couch cushions will help those who rely on cash transactions for household purchases and to pay bills,” the task force said.
The group is also asking depository institutions to review their coin inventories and promptly deposit any coin that exceeds the needs of their customers to the Fed. “All organizations with unused coin inventories should manage their balances downward and avoid ordering coins unless needed to meet customer demand,” the task force said.