Treasury Secretary Steven Mnuchin on Tuesday called on the public to keep coins circulating in the economy by using them to make purchases or deposit them at banks.
“If you have extra coins at home, please use them to make purchases — or deposit them at the bank or exchange them for cash. Help get coins moving!” he tweeted.
The United States Mint, a bureau of the Treasury Department, last month announced that the pandemic had significantly decreased the supply of coins in the economy. Retail sales dropped, and more people used credit cards for purchases.
The result is that coin circulation has decreased, which hurts businesses, such as laundromats, restaurants, and grocery stores, that serve customers who don’t have credit cards and rely on cash to purchase food and other items. Without coins, these establishments cannot provide customers the correct amount of change.
“For millions of Americans, cash is the only form of payment and cash transactions rely on coins to make change,” the U.S. Mint said in a statement. “Until coin circulation patterns return to normal, it may be more difficult for retailers and small businesses to accept cash payments.”
The U.S. Mint also warned people to follow safety protocols as they put coins back in circulation.
“As important as it is to get more coins circulating, safety is paramount. Please be sure to follow all safety and health guidelines and rules when visiting retailers, small businesses, grocery stores, and financial institutions,” it stated.
