Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
U.S. Mint
Economy

The U.S. Mint encourages people to pay more in cash

17.04.2021
2 min read

U.S. Mint: there is a shortage of coins in circulation

For security reasons, the U.S. Mint has issued recommendations to the public asking them to pay with coins, minimizing the use of paper money. Banknotes can be exchanged at branches or special terminals.
During the Coronavirus pandemic, Americans began to use less paper money for fear of getting infected through it. As a result, most payment transactions began to be made by cashless method. At the same time, people accumulated coins at home and there was a shortage of them in circulation, which negatively affected the country’s financial processes.
This situation affected first of all the representatives of small business. They are limited in carrying out cash payments, as they cannot give change in small money. To help, the Mint urges people to pay in coins and without change.

U.S. Mint

Last March, during the outbreak of the COVID-19 pandemic, the World Health Organization published recommendations for the public to reduce infection. One of the points was the rejection of cash payments, including credit cards, in favor of contactless transactions. According to information provided by WHO, coronavirus is able to stay on banknotes and remain active for 4 days. On plastic cards, the virus can remain active for up to 9 days. Later, the organization denied this information because it was not clinically confirmed. However, due to public fear and the panic that prevailed around the world at the time, many people switched to the contactless payment method. A sharp increase in this type of payment transactions was seen in Germany and the United States. As a result, there was an accumulation of cash among the population and a decrease in turnover. In order to minimize the risks, in China it was decided to eliminate some of the paper money, which was used in areas of the country, where there was the largest number of illnesses. In Russia, the Central Bank kept banknotes for 2 weeks, and only after this period they returned to circulation.
An interesting situation was observed in Germany. At the beginning of the pandemic, the demand for paper money and coins increased significantly. For example, in March the amount of such funds in circulation increased by almost 100 billion euros. This figure is 8% higher than in previous months. However, after a while, the contactless payment method became more popular among the population, and banknotes and coins settled in people’s homes. Experts say that the demand for paper money at the beginning of the pandemic was connected with panic and uncertainty in the work of banks, so people wanted to withdraw as much cash as possible.

Tags: Global Economy
0
Previous Post Seth Klarman: the success story of an American investor Next Post Law on categorization of investors: review of changes in the document

You Might Also Like

Contribution to the country's economy
Economy
What contribution do working women in Japan make to the country’s economy
21.07.2020
Portugal's economy
Economy
How Portugal’s economy recovered from the crisis: the country’s experience
30.08.2020
Stabilization of oil prices Japan
Economy
Stabilization of oil prices: a solution from the Japanese authorities
11.06.2022
Chinese authorities
Economy
The Chinese authorities decided to reduce duties for the U.S.
29.10.2020
Ministry of Finance and Central Bank
Economy
The Ministry of Finance and the Central Bank announced the withdrawal of the country’s main regulator from Sberbank capital
13.12.2020
oil price of $100
Economy
Will oil cost $100 per barrel: forecast
26.07.2020

Recent Posts

  • 1Brookfield
    Brookfield and Closed Loop create the largest recycling company in the U.S.
    30.01.2023
  • 2Bybit
    Cryptocurrency exchange Bybit provided information about the volume of stored assets
    29.01.2023
  • 3Apple Search
    Apple Corporation is working on its own search engine, Apple Search
    28.01.2023
  • 4Tom Ford brand
    Estee Lauder made a deal to buy the fashion brand Tom Ford
    27.01.2023
  • 5Golden Visa
    The Golden Visa program has brought Portugal more than 6 billion euros during its existence
    26.01.2023

Popular Posts

  • Skolkovo analysts: the Russian energy market is suffering losses
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • British energy company Tullow Oil plans to delist on the Irish stock exchange

Social media

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Spokesperson
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Spokesperson
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Spokesperson
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Spokesperson
16.05.2020

Latest Posts

Brookfield
Brookfield and Closed Loop create the largest recycling company in the U.S.
30.01.2023
Bybit
Cryptocurrency exchange Bybit provided information about the volume of stored assets
29.01.2023
Apple Search
Apple Corporation is working on its own search engine, Apple Search
28.01.2023

Chaslau Koniukh

Expert Chaslau Koniukh

Chaslau Koniukh – an expert in marketing and project management, IT consulting, international investments, investor, financial analyst. A commodity trader, private consultant, entrepreneur, lecturer, author of several articles on the stock market.

Popular Posts

  • Skolkovo analysts: the Russian energy market is suffering losses
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • British energy company Tullow Oil plans to delist on the Irish stock exchange
  • New companies appear on stock exchanges
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram
  • Biography

Chaslau Koniukh – an expert in marketing and project management, international investments, financial analyst.

Social media

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics