How the Cash Industry Can Turn Goodwill into Practice

Corporate Social Responsibility (CSR), something of a buzzword in ‘corporate speak’, is defined as a self-regulating business model that helps a company be socially accountable—to itself, its stakeholders, and the public. Which sounds great, as indeed it is. But isn’t really anything new. 

CSR is simply an extension of what ‘good’ businesses already do. There will be few companies in our sector who don’t already ‘give back’, whether through specially created foundations, fundraising and other initiatives to support a cause or a community.

The pandemic has thrown the need to ‘give back’ into even sharper focus. It’s a natural human reaction to crises beyond our control – namely, the imperative to do something, no matter how small, to help mitigate the sense of personal helplessness that such crises engender.

But there is also an opportunity to achieve other objectives too – helping the environment and reinforcing cash as a force for good being two obvious examples. So what are companies in our sector doing? And could we do more if we worked together?

One sector that has been notably active is the minting community.

The Royal Australian Mint launched a specially-made $1 coin last year – the Donation Dollar is specifically designed to be given away as a means of raising money. According to the Mint, as legal tender, the dollars can be spent on anything in the usual way. But the hope is that they will create ‘a loop of generosity’ by inspiring people to donate. If every Australian gave just one Donation Dollar a month, it says, an additional $3 billion could be raised for charity over ten years.

Playing to peoples' instincts

Many other mints around the world are similarly harnessing their production capabilities to produce coins or medals that play to both peoples’ collecting instincts and their desire to do good. For example, the Royal Canadian Mint’s special Recognition Medal program for the Breakfast Club of Canada COVID-19 Emergency Fund, which as of the end of last year had raised C$400,000.

Another coin-driven initiative that aligns philanthropy with a strong business case is foreign currency fundraising. A company specialising in this field is Global Coin Solutions, of Canada (GCS), which collects and repatriates unused and unwanted foreign currency.

This is promoted by charities, teaming up with airlines and other travel organisations, to ask people to donate leftover foreign currency (principally coins, as these cannot be exchanged). The value of such coins is significant – according to GCS, the most recent estimates of foreign coins in various countries are £4 billion (UK coins), $2 billion (Canadian coins) and $10 billion (US coins).

Such a foreign currency fundraising program has environmental benefits because repatriation means fewer replacement coins have to be minted, thereby saving on financial and environmental costs. It also removes those foreign coins from the domestic coins, simplifying the local cash eco-system.

According to GCS, using leftover foreign currency for charity is good for the charity, good for the environment and good for business. Given the nature of our industry, there is a good chance we all have stockpiles of leftover foreign currency lying around that we don’t know what to do with it. This could be a great opportunity to turn that into funds that can help those in need.

Power and capacity to raise money 

Banknotes, too, have the power and capacity to raise money through public interest and engagement. 

Back to Australia where the RBA recently donated an uncut sheet of A$100 banknotes, signed by the Governor, to an auction run by a charity which funds research programs and projects to improve the health and wellbeing of Australian children. The sheet raised A$75,000 for the charity.

This is an example of capitalising on an existing product. Another way is to create a completely new product – as the mints have done, and as Koenig & Bauer and SICPA are doing with the creation of a new piece of banknote artwork that will ‘make it possible to raise funds, say thank you to those in the front line and demonstrate the power of cash to connect people’.

This is taking place under the aegis of HUMANIA CURRENCY – a global cash community initiative to support human recovery and development post-COVID 19 – that sees this banknote design project as a way to pursue its humanitarian goals.

Another vector will be a new facility, on HUMANIA’s website, whereby companies can share what they are doing to support COVID recovery initiatives, inspire others and even work together.

Every little action, small or large, helps. Whilst CSR may be the guiding principle from a corporate perspective, the desire to do good and to help others is implicit in us all, at a human level.