Academic journal article Federal Reserve Bulletin

Program for Direct Shipment of Golden Dollars to Small Financial Institutions

Academic journal article Federal Reserve Bulletin

Program for Direct Shipment of Golden Dollars to Small Financial Institutions

Article excerpt

The U.S. Mint and the Federal Reserve on February 24, 2000, announced a program to provide direct shipments of Golden Dollars to community banks, credit unions, and savings and loans across the country. Strong public demand for the new dollar coin has generated thousands of orders from banks and retailers and has led some banks to create Golden Dollar waiting lists for their individual and commercial customers.

"The U.S. Mint and the Federal Reserve have developed this program to accelerate shipments of Golden Dollars to small financial institutions," said Philip N. Diehl, Director of the Mint. "We want to get as many Golden Dollars to these institutions as quickly as possible. This program is designed to augment, not replace, the routine delivery of coins through the Federal Reserve System."

Depository institutions should continue to place regular orders for Golden Dollars with the Federal Reserve Banks (FRBs).

"We expect to produce at least 150 million Golden Dollars in March--about 100 million for distribution through the Federal Reserve System and up to 50 million for direct shipment to small financial institutions," Mr. Diehl said. "No FRB orders will be reduced to supply Golden Dollars to financial institutions that participate in the temporary direct-shipment program. …

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