Loose Change (7/28/99)
FULL STORY:
A new survey estimates that $7.7 billion of out-of-circulation change is
sitting in American households. According to the "Coinstar
National Currency Poll - A Periodic Look at Americans and Their Money", the
typical American consumer has a stash of change valued at approximately $30.
Coinstar, a manufacturer of a self-service coin counting machine and
sponsor of the study, says the U.S. is in midst of a penny shortage. The study concludes
that two-thirds of Americans do not regularly re-circulate their pennies. More
than 1,000 consumers polled indicated that a penny is the denomination
they use least. Only 4% of Americans said they use the penny more often than
other denominations of coins. The survey also shows why higher value coin
denominations, such as the quarter, experience fewer shortages. The
quarter is the most popular coin in America, with 87% of respondents saying it is the
coin they use most often. It is this frequency of use that helps to keep the coin
in active circulation. To date, penny shortages have been reported in several
areas of the United States. Those areas include Philadelphia; Pittsburgh;
Chicago; New York City; Albany, New York; St. Louis, Missouri; and Cleveland,
Ohio. For more information www.coinstar.com.