Monday, February 28, 2000
Some flip over new dollar coin
BY MIKE PULFER
The Cincinnati Enquirer
The new dollar coin (center) is a bit larger than a quarter and has a distinctive golden hue.
(Jeff Swinger photo)
| ZOOM |
|
Chuck Tompkins just wanted to buy some money.
But other Wal-Mart customers kept beating him to the punch in Hamilton. On at least four separate trips over the course of three weeks, he returned home without scoring any of the new gold coins he sought.
They're not real gold, of course. They're the mint's new “golden dollar” coins, mostly copper, but gold in color.
They come with an engraving of American Indian Sacagawea (SAC-a-ja-WEE-a), a Shoshone guide and translator for Lewis and Clark's round-trip expedition from the Northern Great Plains to the Pacific Ocean from 1804-1806. The image includes her infant son, Jean Baptiste, strapped to her back. The baby was born on the journey.
|
2000 DOLLAR COIN TRIVIA
|
|
Size: 1.043 inch diameter, slightly larger than a quarter.
Design: American Indian Sacagawea (SAK-a-ja-WEE-a) and her infant son, Jean Baptiste; bald eagle, stars on side two.
Designers: face by Glenna Goodacre; reverse by Thomas D. Rogers Sr.
Content: 88.5 percent copper; 6 percent zinc, 3.5 percent manganese, 2 percent nickel.
Production: U.S. Mint, Philadelphia and Denver plants.
Volume: More than 200 million in circulation; more to come.
Life expectancy per coin: 30 years.
Online prices: $35.50 for 25; $2,190 for 2,000.
Online site: www.usmint.gov.
Value: $1.
|
The coin replaces the 20-year-old Susan B. Anthony silver dollar, which was discontinued at mint production facilities in December but retains its spendability.
Nobody seems to know exactly why the new coin is so popular, but it might have something to do with the Treasury's unprecedented marketing approach. Golden dollars were first released in Cheerios cereal boxes, then at Wal-Mart and Sam's stores. Meanwhile, many banks are still waiting for their first shipments.
“It's a matter of limited supply and strong demand,” said June Gates, spokeswoman for the Federal Reserve Bank of Cleveland, which distributes new cash to local banks.
“People are clamoring for them, so I decided to get
some,” said Shirley Hill of Maineville, who has collected a half-dozen for herself, her father and her four grandchildren.
The reaction?
“He (her father) was mad because I didn't get him one sooner.”
Mr. Tompkins, of Hamilton, said he went to the store expressly to get dollar coins, again, for the grandchildren. He came home empty-handed every time.
Until last week.
“I just wanted them to have something with 2000 on it,” he said. “Maybe when the youngest (3) is grown up, they'll be worth something.” His goal: 25 coins for each of nine grandchildren.
Most local Wal-Mart managers said they had depleted their stockpiles as many as three times since the coins were first delivered at the end of January.
“Several customers have been taking the limit ($10),” said Roy Ball, assistant manager at the Springdale store.
Some wanted more, requesting $25 rolls.
“People have been coming in like crazy and asking for them,” said Kim Gardner, a PNC Bank teller in Fort Mitchell. When they leave, “They're not angry, but some of them have been really puzzled that we don't have them.”
“Typically, the banks would be the first place where they would be available,” Ms. Gates said, acknowledging the unusual marketing approach. “The mint has launched a very extensive promotional campaign ... to ensure the success of this coin.”
Why?
“Paper (dollar) bills last about 18 months,” said Jennifer Arnold, public affairs specialist at the mint. “That compares to about 30 years for coins.”
And, in a national survey conducted by the mint, 30 percent of consumers said they would prefer to get their change in dollar coins.
Higher prices in vending machines is another explanation.
“Paper dollars wear out and get torn,” Ms. Gates said. “When they get crumpled, machines might not want to accept them.”
The government has no plans to discontinue the paper dollar, she said.
This week, the mint doubled production to 5 million dollar coins a day and said it would have more than 200 million in circulation by Tuesday.
A week later, it will launch an “unprecedented consumer awareness and education campaign” to the tune of $40 million, according to mint spokesman Michael White.
“The Susan B. Anthony just didn't do well,” Ms. Arnold said. “It looked like a quarter. There were no distinguishing markings. It was very confusing.”
This time, the government made a coin that stands out and released it for mass distribution to the Federal Reserve and Wal-Mart (and Sam's clubs) at about the same time.
Robert Thullen, owner of R&T Coins, Westwood, said he has doubts about the coin's long-term popularity.
“Nobody liked it before,” he said, referring to the Susan B. Anthony. “It'll be popular for a while, but after the novelty wears off, probably not.”
Although the coin is a different color and a different size, “When it's dark, and you're reaching in your pocket, it's still going to feel like a quarter,” he said.
Ms. Gates said limited supplies have meant that some banks haven't been getting all the dollar coins their customers want.
“We've seen some strong interest,” she said. “We're not getting enough to fill all the orders we're getting from financial institutions.”
Few consumers buy the coins because they think they're going to be valuable, Wal-Mart managers said. Most, like Ms. Hill, just want to be one of the first to have them.
“It's somewhat of a novelty,” Ms. Gates said. “It's the first coin that isn't silver in color — at least in my lifetime.”
GOP voters to candidates: Convince us
Some flip over new dollar coin
Newport rebirth spreading to south
Y2K, the sequel
Head of Warren MRDD retiring
Panel tackling smog rules
Schools and police allies in truancy battle
Fire victims show gratitude
Parking close to stadium shifted
Sex sells . . . but at the checkout line?
Bogart's show proves Bacon a flatliner as rocker
Class offers peek at cop's life
Dueling rockers delight for crowd
Friends watch march of time
Campbell County may help cities collect taxes
DNA testing opens new door
Maple syrup annual drill at state park
Parents, teachers team up
Polish celebrate heritage, paczki
Queen City's moments to shine reflected in book
1950s-era sewer rates increasing
Walgreens snags site in Florence
Couple survive plane crash
GET TO IT
TRISTATE DIGEST
