- US Mint to Increase Coin Production The U.S. Mint is taking steps to alleviate coin shortages caused by the COVID-19 pandemic. In the second half of 2020, the Mint expects production increases to 1.35 billion coins per month that would add up to a projected total of 14.2 billion coins produced in 2020 according to Statista.
In June, the Federal Reserve announced ...
- Coronavirus Impacts Flow of Money Temporary Coin Shortages Expected to Fade as Businesses Reopen
June 23, 2020 05:34 PM Eastern Daylight Time
WASHINGTON–(BUSINESS WIRE)–In testimony before a House Congressional Committee last week, Federal Reserve Chairman Jerome Powell said that we may see spot coin shortages around the country as a result of the state economic shutdowns that began in March 2020 to ...
- Copper: An Ally to Fight Viruses and Bacteria COVID-19 has substantially altered our country’s economic and social landscape, including how we purchase goods. Part of this change is a fear that the virus can be transmitted by currency. Amidst the spread of misinformation suggesting coins are a greater transmitter of viruses and bacteria than other surfaces, consider the mighty penny and its properties.
- 2020 Testimony of Mark Weller Before the House Task Force on Financial Technology: “Is Cash Still King?” Cash in a World of Digital Payments
ACC Testimony before the House Financial Services Task Force on Financial Technology
Posted on January 31, 2020
Americans for Common Cents provided testimony for Members of the House Task Force on Financial Technology. The January 30 hearing reviewed the rise of mobile payments and asked the question, “Is Cash Still King?”
ACC Executive ...
- Cash is a Defense to Cyberterrorism. Cash is convenient, private and free to use. Cash is also the safest payment method, which is why cash demand skyrockets during crises, be it man-made or a natural disaster. (MorningConsult) Appeared in MorningConsult
CASH AS A DEFENSE TO CYBERTERRORISM
Posted on January 13, 2020
As a result of the killing of Quds Force leader Qassem Soleimani, the United States faces a tangible threat that Iran may employ its cyberwarfare prowess in retaliation. A cyber response is especially worrisome, as Iran has previously demonstrated its ability to conduct cyberattacks ...
- Strong Support for the Penny in Recent Poll
Penny popularity comes at a time when stores are experimenting with cashless payment.
More than two-thirds of Americans (68%) want to keep the penny, according to a poll released by Americans for Common Cents (ACC). (Graphic: Business Wire) ...
- GAO Issues Flawed Report on Changes to US Currency
Fails to Capture Costs Associated with Eliminating the Penny
A Government Accountability Office (GAO) Congressional advisory report released on March 21 incorrectly estimates the budgetary impact from changing U.S. currency.
The Senate Budget Committee asked the GAO to examine three issues: 1) the benefit to the government of replacing the $1 dollar note with a $1 coin; ...
- Mint Director Confirms Penny Support In testimony before a House Financial Services Subcommittee, Mint Director David Ryder reaffirmed the government’s position by saying, “it is not the intent of the Treasury Department to eliminate the penny.” Ryder went on to say that the Mint plans to create programs to increase the current recirculation of pennies and reduce costs. Ryder noted ...
- Economic Study Supports Penny’s Value The high costs from eliminating the penny would dwarf any proposed savings according to a new economic study. Titled “The Economics of Eliminating or Retaining the U.S. Penny,” the study found eliminating the penny would cost Americans a whopping $909 million to $1.93 billion per year. The study was funded by the coin cashing service ...
- A Closer Look Behind the Dollar Coin Legislation Currency reform is often promoted as a way to save taxpayers money. Unfortunately, the proposed solution of The Currency Optimization, Innovation, and National Savings (COINS) Act of 2017, misses the mark completely and would move the country in exactly the wrong direction.
There is no argument that countries around the world are concerned about the cost ...
- Canada Costs to Produce Coins Increases Without the Penny Data collected from Coinstar, whose coin-counting kiosks are used around the world, found there would be significant Mint cost increases without the US penny. Coinstar looked at their experience in Canada where the penny was eliminated in 2013 and found reduced “velocity” or frequency of coin recirculation.
Two-thirds of all coins recirculated through the U.S. Federal ...
- Collapse of the zinc market means the penny is cheaper to make; saves taxpayers!
A collapse in metals prices means U.S. coins, including the penny,
are less expensive to make. The penny has reached its lowest cost in
seven years. Each 1-cent coin, made almost entirely of zinc, now costs
the taxpayer much less to produce and its likely to stay that way for
the foreseeable future. With global demand for zinc now slowing,
- President’s Day – A Time to Celebrate Abraham Lincoln and Cheaper Pennies
President’s Day gives us the chance – at
least once a year – to recognize Abraham Lincoln’s immense contributions
to the country and a legacy that continues to enrich us daily.
President Lincoln is a unique cultural and historical figure,” said Mark Weller, Executive Director of Americans for Common Cents. “It’s not just that the ...
- More than Two-Thirds of Americans Still Favor Keeping the Penny
Recent Poll Shows Increasing Penny Support and Concern About Price Increases If Penny Is Eliminated
WASHINGTON–(BUSINESS WIRE)–A poll released today by Americans for
Common Cents (ACC) continues to show overwhelming and increasing support
for the penny by the American public. 68% of those surveyed favor
keeping the penny in circulation, representing a slight increase since
the last poll in ...
- ACC Responds to Mint Request for Comments
Information Collection on Public’s View of Circulating Coins
ACC responded this week to the U.S.
Mint’s plan to use opinion surveys and focus group interviews to solicit
the public’s views on the nation’s circulating coins. The Mint request
for public comment is geared to provide information for inclusion in the
Mint’s anticipated December 2014 Report to Congress on ...