A Federal Reserve U.S. Coin Task Force has developed a toolkit for financial institutions and retailers in an effort to push more coins into circulation.
In forming the task force earlier this year, Fed officials said that with many retail businesses where coins are used closed due to the coronavirus crisis, the normal coin circulation network has been disrupted. They said that there is not a shortage of coins, adding that more than $40 billion in coins are in circulation, but many of them are not being used.
The task force recently prepared the toolkit, which includes “best-practices and recommendations for increasing coin circulation and decreasing barriers for handling coin in the supply chain while maximizing equitable access to coin and emphasizing financial inclusion.”
Task force official said that they will continue to monitor coin circulation this month and new resources will be available on the website. The task force will issue an update on its work early next month.
The task force includes Lance Noggle, the Credit Union National Association’s senior director of advocacy and senior counsel for payments and cybersecurity and Andrew Morris, the National Association of Federally-Insured Credit Union’s senior counsel for research and policy.