The Coin Shortage in South Dakota and the US is Real. Here’s How to Help
Got a piggy bank full of coins? It's time to get those back in circulation by bringing them to the bank and either trade them for bills or deposit them into your account. It appears there's a real coin shortage out there. We've been hearing about this ever since the pandemic began in 2020 but more information since has come to light.
Individual businesses are encouraging the United States Treasury Department to help convince Americans to get coins back into circulation. With nearly all purchases moving to plastic cards, smartphone apps, and even crypto-currency, a large coin pool is still in our cars' cup holders and piggy banks.
"In the wake of the COVID-19 pandemic, and other recent societal challenges, data indicates coin reentering the supply chain has decreased by approximately half, although demand has not appreciably changed. The result of this circumstance is an inability to reasonably accommodate current coin ordering demand with existing available supply." - U.S. Coin Task Force
As Newser points out, the shortage of change in circulation hits people who do not have the ability to pay for items electronically the hardest.
“The weak circulation affects most everyone but the hardest hit are small cash-dependent businesses and those who are least well off...For millions of Americans, cash is the only form of payment.” - Hannah vL. Walker, a Task Force member and Vice President with FMI – The Food Industry Association.
The campaign Get Coin Moving is already being heard on social media with many people taking action by using coins collected in their homes.
The U.S. Coin Task Force urges Americans to take these steps to help:
- Start spending their coin
- Deposit coins at their financial institutions
- Redeem coins at coin kiosks
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