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It has been reported that there is close to £2.0 Billion worth of foreign currency in the U.K. Global Coin Solutions estimates that $2-$3 Billion sit in homes and businesses across Canada; between $10-$30 Billion is in the U.S.
Under normal circumstances, once coin leaves its “home” country, it is gone forever. This is not good for cash circulation. Recently we have seen coin circulation challenges in both the U.S. and the U.K. Tourism is a huge industry for both of those countries and as such, a large amount of their coin leaves the country in the pockets and purses of their visitors. The question is: what happens to these coins?
Some are kept as souvenirs. Some wait for the next trip back (and never make it). Some are thrown away during spring cleaning or when preparing for a move (how long will a coin last in a landfill?).
Some are used to fund charity work. This is the only avenue that repatriates those coin.
If the coin industry promoted this concept, it would help optimize coins in circulation, ensure recirculation, and minimize the impact on our environment.