Academic journal article ABA Banking Journal

Where Are Those Golden Dollars?

Academic journal article ABA Banking Journal

Where Are Those Golden Dollars?

Article excerpt

When you were a kid, did you ever pretend that you were a pirate captain roaming the seven seas looking for gold?

Ever since the rollout of the golden dollar early this year, it seems like grownup pirates have been living out their childhood dreams by grabbing up these shiny new coins. The first new dollar coin in 20 years has gotten a lot of attention thanks to the full-scale ad campaign sponsored by the U.S. Mint. Problem is, few people are actually using the coin.

"A lot of the new dollars have been collected and given as gifts," according to John Rasmus, senior federal administrative counsel at the ABA. "The public has taken the coins out of circulation," he said, adding that he'd only received golden dollars as change from post office vending machines.

We did our own impromptu research by visiting several supermarkets around New York City. Of the six checkout clerks we asked, only one had seen and used the coin. One cashier asked her manager to come and verify if she could accept the coin.

If the Mint is discouraged by this, it isn't letting on. Director Jay Johnson recently said that once Americans got used to receiving it in everyday business transactions, the golden dollar would become a workhorse.

But some wonder if the golden dollar will be a flop like the Susan B. …

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