The first half of 2020 has really gotten our attention. Lots going on in the world and many changes to our idea of “normal”. However, the United States of America was founded on ideals of freedom, justice, and liberty, and each 4th of July the nation takes a moment to reflect on those ideals and celebrate the country’s independence. This year it will be different but we will still celebrate.
This post was inspired by our team member Melanie Lauramore from Trophy Club, TX where she is the neighborhood captain of their “Trophy Club Stars and Stripes” 4th of July Flag project. Trophy Club Stars and Stripes was introduced to the town in 2011 and has become an annual tradition of residents working together to line the streets of Trophy Club with American flags. Beginning July 2nd, residents and visitors again have the opportunity to experience a display of 35,000-40,000 flags waving throughout the town as they drive, bike, walk, and jog through the streets of Trophy Club. The highly Patriotic sight makes one proud and thankful for sacrifices made by men and women around the world who protect America’s freedoms. This is truly the season “to unite the Town of Trophy Club in the spirit of American Patriotism”. Thanks Melanie for your passion and your part in teaching these important values to your children.
Our InsightRS Team, that is located across the United States, sends our best wishes for a safe and healthy holiday. We want to say thanks to each and every customer, vendor and friend that we work with. We appreciate you all.
Here’s a photo greeting from our team members in Trophy Club, TX – Roanoke, TX – Minden, LA, – Tampa, FL – Augusta, GA – Trenton, SC – Town of Day, NY – Blacklick, OH & London, KY
Today we spoke to a valued backOffice™ Software and InsightRS Scan Data customer, One Stop Liquor in Bellevue, Kentucky. They reported that business has been good during this pandemic but the latest struggle has been getting change for their registers. They typically purchase change each week but now this is not an option due to allocation of coin inventories at the banks.
So what do you do?
You depend on your awesome customers! They simply put a sign at the registers saying “We need change” and their customers responded quickly. In one short week they were able to purchase two full weeks worth of change. People working together is so valuable right now.
Temporary coin order allocation in all Reserve Bank offices and Federal Reserve coin distribution locations effective June 15, 2020
The COVID‐19 pandemic has significantly disrupted the supply chain and normal circulation patterns for U.S. coin. In the past few months, coin deposits from depository institutions to the Federal Reserve have declined significantly and the U.S. Mint’s production of coin also decreased due to measures put in place to protect its employees. Federal Reserve coin orders from depository institutions have begun to increase as regions reopen, resulting in the Federal Reserve’s coin inventory being reduced to below normal levels. While the U.S. Mint is the issuing authority for coin, the Federal Reserve manages coin inventory and its distribution to depository institutions (including commercial banks, community banks, credit unions and thrifts) through Reserve Bank cash operations and offsite locations across the country operated by Federal Reserve vendors.
The Federal Reserve is working on several fronts to mitigate the effects of low coin inventories. This includes managing the allocation of existing Fed inventories, working with the Mint, as issuing authority, to minimize coin supply constraints and maximize coin production capacity, and encouraging depository institutions to order only the coin they need to meet near‐term customer demand. Depository institutions also can help replenish inventories by removing barriers to consumer deposits of loose and rolled coins. Although the Federal Reserve is confident that the coin inventory issues will resolve once the economy opens more broadly and the coin supply chain returns to normal circulation patterns, we recognize that these measures alone will not be enough to resolve near‐term issues.
Consequently, effective Monday, June 15, Reserve Banks and Federal Reserve coin distribution locations began allocating coin inventories. To ensure a fair and equitable distribution of existing coin inventory to all depository institutions, effective June 15, the Federal Reserve Banks and their coin distribution locations began to allocate available supplies of pennies, nickels, dimes, and quarters to depository institutions as a temporary measure. The temporary coin allocation methodology is based on historical order volume by coin denomination and depository institution endpoint, and current U.S. Mint production levels. Order limits are unique by coin denomination and are the same across all Federal Reserve coin distribution locations. Limits will be reviewed and potentially revised based on national receipt levels, inventories, and Mint production.