clearn.png
Sunday September 25th, 2022 4:15AM

Got a dime? Businesses seek Treasury help with coin shortage

By The Associated Press
Related Articles
  Contact Editor

WASHINGTON (AP) — Got a dime you can spare? Coins are in short supply — again.

Retailers, laundromats and other businesses that rely on coins want Americans to empty their piggy banks and look under couch cushions for extra change and “get coin moving.”

A group of trade associations that represent individual businesses including banks, retail outlets, truck stops, grocery stores and more is asking the Treasury Department for more help convincing Americans to get coins back in circulation.

The consequences of the circulation slowdown hit people who don't have an ability to pay for items electronically, they say.

“If retailers are not able to offer change for cash purchases consumers who rely on cash will be vulnerable,” the associations said in a letter to Treasury.

For example, people who do their laundry at coin laundry mats could have a harder time finding change to wash their clothes. And on a larger scale, people who don’t have cash access aren’t able to patronize certain card-only businesses.

It's not a coin shortage America faces, but a lack of circulation.

“We can’t print our way out of this problem,” said Austen Jensen, a senior vice president for government affairs at the Retail Industry Leaders Association.

Jensen's group, along with the American Bankers Association, National Association of Convenience Stores, and National Grocers Association, is trying to meet consumer demand and wants a new public campaign to increase coin circulation.

Jensen said his group is also encouraging member retailers to find creative ways to deal with the shortage of coins, including rounding-up purchases for charity promotions. And he says businesses with multiple locations could send coins from one store to another.

This is not the first time during the pandemic that the issue of low coin circulation has arisen.

The coronavirus disrupted consumers’ buying habits and shifted purchases largely to plastic cards to such an extent that in July 2020, the Federal Reserve restricted coin orders by financial institutions.

The Fed also convened a U.S. Coin Task Force, made up of representatives from various federal agencies, which led to a campaign encouraging the public to get coins into circulation.

This February, the task force issued a State of Coin report, which said pandemic lockdowns slowed small transactions that generated change and there was a temporary aversion to cash for perceived hygienic reasons. The report also said the Federal Reserve and the U.S. Mint contracted with a third party consultant to review the coin supply chain.

Coin deposit volumes began to increase gradually starting in the summer of 2020, but businesses say the problem has come up again as people have stopped using coins and have stuck to plastic cards.

The issue has had the biggest impact on people who don't have bank accounts. An estimated 22 percent of U.S. Americans were “unbanked” or “underbanked” in 2019, according to the Federal Reserve.

The Treasury Department has yet to respond to the letter. The government encourages people to help get coin moving by spending it with retailers, taking it to their banks and credit unions, or using a coin recycling kiosk like the ones found at grocery stores.

  • Associated Categories: U.S. News, Associated Press (AP), AP National News, AP Online National News, Top U.S. News short headlines, Top General short headlines, AP Online Headlines - Washington, AP Business
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Defense rests in trial of 4 men in Gov. Whitmer kidnap plot
The defense has rested and evidence is over in the trial of four men charged with conspiring to kidnap Michigan Gov. Gretchen Whitmer
1:43PM ( 3 minutes ago )
Got a dime? Businesses seek Treasury help with coin shortage
Got a spare dime
1:42PM ( 3 minutes ago )
Biden: Government standing up to 'hateful' transgender bills
President Joe Biden says his administration is “standing up” for transgender Americans against what he's calling “hateful bills” being passed by states
1:38PM ( 8 minutes ago )
Associated Press (AP)
Biden tapping oil reserve for 6 months to control gas prices
President Joe Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months in a bid to control energy prices
1:08PM ( 38 minutes ago )
Report: State late in response to unrest after Floyd killing
An external review of Minnesota’s response to days of civil unrest following the May 2020 killing of George Floyd found several weaknesses, including a lack of clear leadership early on as businesses were being destroyed and set ablaze
1:07PM ( 38 minutes ago )
Ukraine: Russians leaving Chernobyl after radiation exposure
Ukraine's state-owned nuclear power company says Russian forces have began leaving the damaged Chernobyl nuclear power plant
1:01PM ( 45 minutes ago )
AP National News
Crews work to contain wildfire near Smoky Mountains
Officials say firefighters from across Tennessee are working to contain a wildfire near the Great Smoky Mountains National Park that spread overnight despite rain from storms that passed through the area
11:49AM ( 1 hour ago )
Man tells jury: I never agreed to kidnap Gov. Whitmer
One of four men charged with conspiring to kidnap Michigan Gov. Gretchen Whitmer is testifying that he played no role in a wild conspiracy to abduct her before the 2020 election
11:44AM ( 2 hours ago )
'Gold mine' of census records being released from 1950
Genealogists and historians can get a microscopic look at sweeping historical trends when individual records from the 1950 census are released this week
11:25AM ( 2 hours ago )
Top U.S. News short headlines
Live updates | UN nuclear watchdog chief arrives in Russia
The U.N. nuclear watchdog says its director-general has arrived in Russia’s Baltic Sea exclave of Kaliningrad for talks with senior Russian officials
1:09PM ( 37 minutes ago )
Live updates | Red Cross prepares for Mariupol evacuations
The International Committee of the Red Cross says a team has arrived in a Ukraine-held city and is preparing to take civilians out of the beleaguered port city of Mariupol
12:41PM ( 1 hour ago )
Kremlin demands rubles for gas, leaves currency loophole
Russian President Vladimir Putin has issued a decree demanding payment for natural gas in rubles but appeared to temper the order by allowing dollar and euro payments through a designated bank
12:37PM ( 1 hour ago )
AP Business
Defense rests in trial of 4 men in Gov. Whitmer kidnap plot
The defense has rested and evidence is over in the trial of four men charged with conspiring to kidnap Michigan Gov. Gretchen Whitmer
1:43PM ( 3 minutes ago )
Biden: Government standing up to 'hateful' transgender bills
President Joe Biden says his administration is “standing up” for transgender Americans against what he's calling “hateful bills” being passed by states
1:38PM ( 8 minutes ago )
Election skeptics roil GOP contests for secretary of state
Republican state election officials in several states are having to defend their records as they face challengers from within their own party who either outright deny that Democrat Joe Biden won the presidency or raise unsubstantiated claims that elections are not secure
1:29PM ( 17 minutes ago )
Pandemic took a toll on teen mental health, US study says
New research says more than 4 in 10 U.S. high school students said they felt persistently sad or hopeless during the pandemic
1:26PM ( 20 minutes ago )
Kremlin demands rubles for gas, leaves currency loophole
Russian President Vladimir Putin has issued a decree demanding payment for natural gas in rubles but appeared to temper the order by allowing dollar and euro payments through a designated bank
1:24PM ( 22 minutes ago )