U.S. Mint putting coins in circulation at a fast pace this year
Self-service coin counting machines at local banks and credit unions are always a convenience for customers, no matter what changes occur to currency circulation. The U.S. Mint is constantly looking for ways to tweak its coin production strategies to reduce overhead costs and continue producing the necessary volume on a regular basis. However, the more coins that enter the economy, the more likely it is households will want to eventually convert their loose change into cash.
The U.S. Mint has had a strong start to 2014, according to the online publication Coin News. During the first quarter, the organization produced nearly 3.5 billion coins in the market. The publication pointed out that this is the most productive start for the agency since 2007. To keep up with the rapid rate of production, the federal government is looking into ways to minimize the costs associated with manufacturing coins. The industry website Coin Update reported that while some have suggested replacing current materials with aluminum alloys, the lighter material may cause difficulties in coin counting machines that are optimized for the traditional metals.
Regardless of how the U.S. Mint ends up adjusting its production strategy, financial institutions can benefit from placing self-service coin counters in their lobbies to offer additional conveniences to their regular patrons.