The MIssing Change

Cash transactions were already on the decline in 2019 as consumers switched to electronic payments. The pandemic exacerbated this as retailers and consumers turned to online shopping or contact-free card and app transactions.

When people did make the rare cash purchase, they were more likely to keep their change than use it in a subsequent transaction.

The US Coin Task Force, formed specifically to address the issue, reported in May 2021 that much of the nation’s $48.5B in coins were sitting in America’s 128m households.