- Vital Role for Cash Remains as Digital Payments Increase
Cash is still vitally important, even as society’s transition toward digital payments accelerates, according to Royal Canadian Mint President Marie Lemay.
During the COVID-19 pandemic, as businesses closed their physical doors and consumers shifted their buying online, there was an immediate and dramatic impact on coin demand. Lemay noted recently that coin demand is starting to ...
- Hurricane Ian Aftermath: Cash Ensures Economic Stability
October 10, 2022. Many Florida restaurants and gas stations are accepting only cash in the wake of Hurricane Ian. These businesses need electricity and an internet connection –which doesn’t currently exist or is poor– to process payments and track sales.
“Cash demand skyrockets during crises, be it man-made or a natural disaster,” said Americans for Common ...
- House Passes Legislation to Protect Cash Use
June 22, 2022
The House of Representatives passed Representative Don Payne’s (D-NJ) bipartisan Payment Choice Act -HR 4395 -on June 15. The legislation protects the right to pay in cash at retail establishments for transactions under $2,000. The Payne bill, which at the time of passage had 49 cosponsors, was adopted on a vote of 224 ...
- Increase in Legislation to Defend Payment Choice
Miami-Dade has passed an ordinance that would require businesses in the Floridian county to accept cash, based on concerns that business refusal to accept cash and coin damages minority communities and overall choice.
Many states including Arizona, Colorado, Massachusetts, New Jersey and Rhode Island already have pro-cash legislation, as do cities including New York, Philadelphia and San Francisco.
- U.S. Coin Task Force report on the reasons for the disruption in coin circulation and what the future of coins looks like.
Coin Task Force Reports on Disruption in Coin Circulation
Posted on February 18, 2022
In response to the COVID-19 pandemic, the US Mint formed a task force to examine the impact of the coronavirus pandemic on coin flows and the use of cash by American consumers and businesses. The U.S. Coin Task Force is comprised of representatives ...
- House Passes Coin Metal Legislation
On December 2, 2020 the House of Representatives passed legislation that would allow the Mint to change the composition of coins. H.R. 7995 sponsored by Congressman Mark Amodei (R-NV) would permit a change in the metal content of our coins if it reduces costs and is seamless, which is determined by verifying that the coins ...
- 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 ...