AMOA Webinar Digs Into Coin Composition Issue
On Tuesday, July 22, about 35 members and guests of the Amusement & Music Operators Association (AMOA) participated in a one-hour webinar that framed the pending issue that now resides at the top of the association's legislative issues agenda: the proposed changes to the metal content of U.S. coins.
The presenter of the webinar, Jon Cameron, is director of the Office of Coin Studies at the U.S. Mint in Washington, D.C. His comments included a primer on the role of the U.S. Mint; a review of the cycle of cash; an update on the Alternative Metals study of that has been conducted; the current research and development underway, with a breakdown by coin denomination; and next steps in the process.
Cameron acknowledged the growing use of debit/cashless payment systems, but cited statistics that consumers use cash 65 percent of the time when they make purchases of $10 or less, and 45 percent of the time on transactions under $25.
He described efforts in Sweden to eliminate cash that was ultimately reversed with the issuance of a new banknote and coin series last year.
Cameron summarized the Swedish experience and parallel with U.S. coinage by quoting a Swedish banking official who stated:
"Cash will survive like the crocodile, even though it may be forced to see its habitat gradually cut back."