The Defense Department is poised to give a $100 million coin purse to a nonprofit that has partnered with a military coin exchange to provide the currency for its military employees.
The coin purse will be paid out through a program run by the Coin Exchange Corporation, which has raised more than $3 million through an Indiegogo campaign, the Wall Street, New York and Chicago Tribune reported Monday.
The program has already raised about $20 million, but Coin Exchange’s chief executive, Jim McElroy, said Monday that the agency was still in talks with the coin exchange and would have to wait for an official application from the government to officially sign off on the fund.
The fund would be intended to help the Defense Department’s coin exchange operate in a way that is more transparent and accountable to shareholders, McElrroy said.
The Coin Exchange program is part of a broader effort to help ease the financial burden on the Department of Defense by allowing more employees to get paid more in cash, according to the CoinExchange website.
The fund would also provide money for veterans who are transitioning from civilian jobs to the military, as well as for veterans of the U.S. military who are retiring, and would pay out dividends to veterans’ spouses and children.
The coin purse was created by the Pentagon in the mid-1980s to help fund the coin and coin-like currency of the Army.
It is not clear how much the coin purse would be used for.
The program’s website does not include a description of what coin coins would be redeemed for.
The Defense Department has said it will use the coin-purse fund to provide cash and other forms of benefits to soldiers who have been out of the military for more than a year.