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FMI pitches in to ‘Get Coin Moving’

U.S. Coin Task Force campaign targets ongoing shortfall in coin supply

Russell Redman

October 18, 2021

3 Min Read
US Coin Task Force-Get Coin Moving campaign-US Mint.png
For “Get Coin Moving Month,” FMI will work with the U.S. Coin Task Force to urge all Americans to put coins back into circulation by spending them or exchanging them for paper cash.U.S. Mint

FMI-The Food Industry Association is taking action to help boost coin circulation amid continuing shortages caused by the COVID-19 pandemic.

Throughout October, as part of “Get Coin Moving Month,” FMI will work with the U.S. Coin Task Force to urge all Americans to assist fellow citizens and businesses that rely on coins for everyday cash transactions.

The task force was formed in July 2020 to devise strategies to resolve coin supply issues stemming from COVID-related disruptions to normal coin circulation. FMI is a founding member of the task force, which also includes representatives from the U.S. Mint, the Federal Reserve, armored carriers, coin aggregators, the financial sector and retail trade associations. Walmart also is a member.

During the pandemic, much of the $48.5 billion in coins in circulation ended up “sitting dormant” — in change jars, car cupholders, etc. — inside the nation’s 128 million households as people changed their spending habits, making it harder for businesses to support cash transactions, FMI explained. The “Get Coin Moving” campaign aims to spur consumers to return coins into circulation by spending them or depositing or exchanging them at banks or kiosks, easing the crunch on those who most depend on coins: Americans without access to banking services and cash-based small businesses.

Related:Retail groups to U.S. government: Where are the coins?

To that end, the task force is offering a range of resources and recommendations, including toolkits for retailers and financial institutions, social media graphics to spread the message to the hashtag #getcoinmoving, editable signage for businesses to display, and educational resources for children and families.

“Our country is currently facing a coin circulation problem. In the food retail industry alone, 11% of all transactions are paid in cash,” U.S. Coin Task Force member Jennifer Hatcher, senior vice president and chief public policy officer at FMI, said in a statement. “The best way to address the scarcity of coins impacting our business community and Americans reliant on legal tender for everyday purchases like groceries is to ‘get coin moving’ by spending or depositing the coins people have accumulated prior to and during the COVID-19 pandemic.”

In June 2020, the Federal Reserve announced that it would have to ration coin distribution because of significant declines in coin deposits from depository institutions decreased coin production by the U.S. Mint due to COVID safety measures. At the time, retailers and industry observers nationwide reported that the pandemic curtailed in-store purchases, due to fewer people visiting stores, and pushed more Americans to buy retail goods online. Many consumers also held onto cash and coin.

Also that month, FMI joined with the National Grocers Association and other retail trade groups in a letter to the Fed and the U.S. Treasury Department calling on the government to release more coins from federal inventory or boost coin production to meet immediate needs. The retail organizations noted in the letter that cash represents over a third of all funds transacted in person by U.S. consumers and nearly half of all funds for transactions of less than $10.

About the Author

Russell Redman

Senior Editor
Supermarket News

Russell Redman has served as senior editor at Supermarket News since April 2018, his second tour with the publication. In his current role, he handles daily news coverage for the SN website and contributes news and features for the print magazine, as well as participates in special projects, podcasts and webinars and attends industry events. Russ joined SN from Racher Press Inc.’s Chain Drug Review and Mass Market Retailers magazines, where he served as desk/online editor for more than nine years, covering the food/drug/mass retail sector. 

Russell Redman’s more than 30 years of experience in journalism span a range of editorial manager, editor, reporter/writer and digital roles at a variety of publications and websites covering a breadth of industries, including retailing, pharmacy/health care, IT, digital home, financial technology, financial services, real estate/commercial property, pro audio/video and film. He started his career in 1989 as a local news reporter and editor, covering community news and politics in Long Island, N.Y. His background also includes an earlier stint at Supermarket News as center store editor and then financial editor in the mid-1990s. Russ holds a B.A. in journalism (minor in political science) from Hofstra University, where he also earned a certificate in digital/social media marketing in November 2016.

Russell Redman’s experience:

Supermarket News - Informa
Senior Editor 
April 2018 - present

Chain Drug Review/Mass Market Retailers - Racher Press
Desk/Online Editor 
Sept. 2008 - March 2018

CRN magazine - CMP Media
Managing Editor
May 2000 - June 2007

Bank Systems & Technology - Miller Freeman
Executive Editor/Managing Editor
Dec. 1996 - May 2000

Supermarket News - Fairchild Publications
Financial Editor/Associate Editor
April 1995 - Dec. 1996 

Shopping Centers Today Magazine - ICSC 
Desk Editor/Assistant Editor
Dec. 1992 - April 1995

Testa Communications
Assistant Editor/Contributing Editor (Music & Sound Retailer, Post, Producer, Sound & Communications and DJ Times magazines)
Jan. 1991 - Dec. 1992 

American Banker/Bond Buyer
Copy Editor
Oct. 1990 - Jan. 1991 

This Week newspaper - Chanry Communications
Reporter/Editor
May 1989 - July 1990

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