U.S. Mint slows down as economy struggles
By STEVE RAABE
March 21, 2009, 10:29PM
DENVER - As the economy slows, so has production
of coins at the U.S. Mint .
Production at the federal government's coin factory
in Denver fell 26 percent in 2008 from the previous
year, contributing to a national decline in coin
output of 30 percent.
Mint officials said the drop is a direct reflection
of the plunging economy and the resulting fall in
cash-register transactions that require merchants to
"Coin demand is definitely affected by economic
activity," said Greg Hernandez, acting director of
public affairs in Washington for the U.S. Mint.
"Banks are not ordering as many coins as they were,"
he said. "If local banks are not getting orders from
local merchants, it's going to affect mint production."
Part of the coin-production decline stems from
diminishing consumer interest in collecting quarters
issued for each of the 50 states - a phenomenon that
had ramped up the minting of quarters to a record level
And some analysts say increasing use of credit and
debit cards has played a role in reduced demand for
coins and currency.
Economic conditions, however, are believed to be the