U.S. Mint PSA Regarding Circulation Coins

by CoinNews.net on August 5, 2020 · 1 comment

The United States Mint has released a Public Service Announcement (PSA) addressing the current coin circulation issue.

 

In the PSA, Mint Director David J. Ryder asks the public to "help get coins moving by using exact change when making purchases, taking your coins to financial institutions, or turning them in for cash at coin recycling kiosks."

Ryder also advises that people "remember to follow all health and safety guidelines when you are out spending or recycling your coins."

Ryder explains the situation as "right now, coins aren’t circulating through the economy as quickly as they were prior to the COVID-19 pandemic, which means that sometimes coins are not readily available where needed. This is NOT a coin supply problem. It’s a circulation problem."

Ryder also praised the efforts of the Mint work force, stating:

"I want to assure you that the men and women of the Mint workforce are working as hard as we possibly can to get newly produced coins into the economy. In fact, we are on track to mint more coins this year than we have produced in almost 20 years."

As always, and especially during this challenging time, the Mint is committed to supporting our Nation’s economy and commerce through the production of circulating coinage.

ABOUT THE UNITED STATES MINT

Congress created the United States Mint in 1792, and the Mint became part of the Department of the Treasury in 1873. As the Nation’s sole manufacturer of legal tender coinage, the Mint is responsible for producing circulating coinage for the Nation to conduct its trade and commerce. The Mint also produces numismatic products, including proof, uncirculated, and commemorative coins; Congressional Gold Medals; silver and bronze medals; and silver and gold bullion coins. Its numismatic programs are self-sustaining and operate at no cost to taxpayers.

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jwp

Two problems with this line of thought. 1 – The bank lobbies are closed in most areas/towns. 2 – If I go to a kiosks, they deduct a % of my change to cover their costs of operating their kiosk! JUST OPEN UP THE BANKS TO THE PUBLIC and THE COINS WILL FLOW! The KISS principal!!!!