News & Events

News Hub

US coin production off to a strong start in 2013

The U.S. government releases billions of newly minted coins each year to satisfy demand, and it doesn't appear that production will slow down in the near future. This highlights just how critical it is for both individuals and businesses to have access to coin counting machines. Many organizations find it easier, cleaner and more accurate to use a coin counting machine rather than counting change by hand. Banks and supermarkets can take advantage of the large volume of coins in circulation and increase their customer satisfaction when they install self-service coin counter machines for customer use.

Coin production numbers strong
The U.S. Mint increased its coin production last year due to strong demand from banks and high use by consumers. The agency produced more than 9 billion coins in 2012, an increase of nearly 14 percent when compared to 2011.

Thus far, it appears 2013 has also gotten off to a good start in regard to coin production. Mint News revealed that for the first time in years, U.S. circulating coin production reached more than 1.2 billion in January. As a result, coin creation is up significantly from the 245 million struck in December of 2012 and an enormous leap from the 802 million released in January 2012.

January wasn't the only month this year to see strong circulating coin production numbers. The source reported that although numbers didn't reach the previous month's high in February, they came in at 939.98 million. This represents a major increase when compared to February of 2012's 579.86 million. This positive year-over-year trend continued in March, when the U.S. Mint struck 932.56 million coins.

Recognizing coin value is important
With the number of coins in circulation and impressive numbers from the Mint, it is important for businesses to realize the value of coins and how often consumers use them. Without a coin counter that is able to help an entrepreneur enhance cash room processes and more quickly handle transactions, they may spend less time on the floor with customers and more time manually counting change. Operations that see consumers who frequently use coins - such as banks, credit unions and supermarkets - should strongly consider the benefits a coin counter kiosk would have on customer satisfaction and the number of potential consumers that pass through their branches, especially since the Mint has continued to produce additional coins.

06/04/2013