Is There A Real Coin Shortage And If So...Why?

The Perryman Group basically explained where there is a fine line between yes and no to the question of is there really a coin shortage.

If you're not familiar with who The Perryman Group is, they are a group of economic specialist who have developed and maintain an extensive set of economic impact evaluation models that can be applied in a variety of contexts which measure effects on total economic activity by real estate, industry, occupations, taxing entities and more.

As far as the coin situation goes, Dr. Ray Perryman, President for The Perryman Group said..."when new forms of payment come to be, the old ways are used less, but that doesn't mean there is a shortage. Technology has improved the way we spend money, the efficiency of moving money back and forth. Obviously, it started when we got paper currency, then from there we went to checking accounts and it made a big difference. Credit card and debit cards gave us the ability to buy things online. Now we have things like PayPal."

According to a report in USA Today, A group of trade associations that represent individual businesses including retail outlets, grocery stores, banks and more is asking the Treasury Department for help to encourage Americans to get coins back in circulation

The groups said in a letter dated March 21 to Treasury Secretary Janet Yellen that they want to.... “meet the demand for coins and ultimately help consumers who rely on cash transactions in their daily lives. Consequences of a coin circulation slowdown fall hardest on consumers that do not have the ability to pay electronically. If retailers are not able to offer change for cash purchases consumers who rely on cash will be vulnerable.”

Austen Jensen, A senior vice president for government affairs at the Retail Industry Leaders Association said “We can’t print our way out of this problem.”

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If you've got a bag of coins, perhaps now is the time to go to your bank and cash them in!!

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