Americans are very familiar with the continual failure of dollar coins in every day use. In recent years, the Susan B. Anthony and the Sacagawea Golden Dollar have lost their acceptance battle.
Today, the new Presidential $1 coins honoring U.S. presidents is failing. Over one billion of the coins have been minted since the series start in 2007. Yet, few are ever seen in daily use. The paper bill is the currency of choice.
The U.S. Mint hopes a new marketing campaign will change people’s minds. They have selected four cities — Austin, TX; Grand Rapids, Michigan; Portland, Oregon; and Charlotte, North Carolina — as their testing bed.
The latest campaign takes a "green" approach, marketing how paper dollars waste money and harm the environment. To help America, the four city residents will be told to use "100 percent recyclable" coins that last decades instead of 21 months, like a $1 note’s typical lifespan.
"This is the first program of its kind to inspire shoppers, diners and commuters to use $1 Coins in their normal, everyday activities," said United States Mint Director Ed Moy. "When each of us spends the $1 Coin, we make a difference for our country, because the $1 Coin is durable and using it saves the Nation money. We hope our pilot cities lead the change!"
The U.S. Mint is required by law to promote the new Presidential coins, and their latest approach is perhaps one of the most unique ways to date. It rides the growing green train.
But then there are today’s facts that starkly contrast against any campaign for dollar coins.
To name a few, banknotes are preferred, convenient, nearly weightless, don’t jingle in the pocket, don’t take valuable space, and are readily available — unlike dollar coins
Dollar bills bear little to no physical and mental burdens for anyone. Their reason for use outweigh the tangibles of every day transactions using $1 coins. Marketing the coins as a green solution will not begin a viral surge to use them.
What will work? The history of previous dollar coin failures has already drawn up the successful picture.
Removing dollar bills from circulation is the only event that will cause Americans to carry $1 coins in any significant quantity.