Cash remains a vital part of our economy, particularly for those who are unbanked or underbanked. In the U.S., 22% of adults fall into this category. Small change, in particular, plays a critical role in how this consumer group participates in the economy.
For many in this consumer group, cash is the only form of currency that they have access to and, as such, it is essential for them to be able to use it to purchase goods and services. For example, many discount stores or dollar stores only accept cash, and small change is what unbanked or underbanked customers use to pay for these goods.
While the use of cash may be declining in some parts of the world, it is still an important part of the global economy. Coins also have a relatively long lifespan, which means they can change hands for a longer time than paper money.
While many people and some leaders believe that coins are no longer important to the economy, this is simply not true. Coins still play an important role in society and it will likely remain so for many years to come.