Jeff Smith, president of All Star Services, talks with VMW Assistant Editor Adrienne Zimmer on the U.S. Mint’s recent recommendation regarding the metallic content of coins. The U.S. Mint recommends no change that impacts the industry’s acceptance of current or future circulating coins.
Adrienne: We are here with Jeff Smith, president and CEO of All Star Services. Jeff, the U.S. Mint recently released its long awaited recommendations on the metallic content of coins. Now, will vending operators be faced with changing coins?
Jeff: Adrienne, no. The coin change came out last week, at the end of the week, and there will be no changes made to the coin as the result of lobbying efforts we've been pushing forward with in Washington, D.C. with the Mint for the last several months.
Adrienne: Fantastic. You worked hard with NAMA against changing the metallic content of coins. Some early estimates said the change could have had a $3.4 billion impact on the industry and its consumers. How does this decision personally affect your business?
Jeff: If this had come out a different matter than it did, it would have cost our company well over $1 million to make changes to our coin acceptance equipment in the field. So obviously for a company our size and all operators across the country, this has made a huge impact on them.
Adrienne: Now that the recommendation is out, what’s next for the issue, what's next for the industry? Is this topic over?
Jeff: I don't think it's over yet, Adrienne. I think that this topic will continue. I think it supports the efforts that NAMA has made recently with our grassroots efforts in a field, working with our lobbyists and our elected officials in Washington, D.C. to make sure our voice is heard. It has been heard right now and we are going to continue making sure it's heard in the future as well.