While the industry - and world markets - are trending towards increasing use of credit card and even cashless payment systems, cash is still king. And, it will be for the foreseeable future.
Especially on the smaller value payments, cash dominates. Last month, at a Coin Industry Stakeholders Meeting, the U.S. Mint reported consumers use cash 65 percent of the time for transactions of $10 or less and 45 percent of the time for transactions of $25 or less.
In 2010, the U.S. Congress directed the Mint to look into ways to make coins more cost-effectively and it has been studying alternative metal in coins for nearly two years. At a research and development laboratory in the U.S. Mint's Philadelphia, PA facility, some 29 different metal formulations have been or are being studied.
And more recently, the Mint, through its Office of Coin Studies, has initiated outreach to the public and industry stakeholders - to groups like AMOA whose members will be impacted by any proposed changes to coin content.
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