New Presidential $1 Coins are certainly a hit with many collectors, but their acceptance elsewhere since they were first introduced in 2007 has been slow.
Frightening slow… and very similar to previous failed attempts at thrusting dollar coins into the publics hands.
Like the Susan B. Anthony and Sacagawea golden dollars, Presidential $1 coins face a daunting and nearly impossible task of competing with the one dollar bill.
Regardless of the historical and interesting aspects of any dollar coin, handling and using paper bills in every day life is simply too convenient. When it comes to the dollar, most people want to use and receive paper in transactions, not coin.
Most seriously minded people analyzing the mandated job of the United States Mint in promoting daily usage of dollar coins recognize they have an uphill battle and can only expect small gains here and there. Unless or until the dollar bill is removed from circulation, it will always remain king. Regardless of the fact that the dollar coin is a money saver for the government.
Nearly one billion $1 coins minted in 2007, where are they?
While nearly one billion circulating presidential coins were been produced in 2007 by the U.S. Mint (940,870,000 as reported), many Americans have actually never received a single coin in a daily transaction.
For that matter, in some areas of the country it can be a challenge to find presidential $1 coins within financial institutions. Banks have to pay extra when they order presidential dollars and storing them within their vaults when public demand for them is low is not an attractive proposition.
According to the U.S. Census Bureau population clock, the current population is approximately 303,475,000. There should be enough Presidential $1 Coins minted in 2007 to provide every man, women and child at least three of them.
Many of the 2007 coins are likely still bagged, gathering dust in Federal Reserve vaults. Those vault stockpiles could increase. More of the coins are on the way, like the newly released James Monroe $1 coins.
Yet, the Mint must go on and, by law, produce more coins and promote their usage – not just to collectors, but more importantly, to the entire public.
Wal-Mart shoppers receive dollar coins in change
Although it would be hard to argue that the Mint has had success on any grand scale to date, they have made strides. The embedded 2 min and 34 sec video report from Rochester, NY and ABC’s 13 Wham News recounts one of them.
The video discusses how Wal-Mart stores are handing out Presidential $1 Coins. One of the interesting facts the video highlights is the cost of the dollar coin vs. the dollar bill.
