I was curious what happened to the Sacagawea dollar (aka, “golden dollar”). For awhile there were those idiotic and surrealistic commercials of our First President (just his head, the picture from the $1 bill, on a real person’s body) explaining to us the virtues of the new coin, and now there just seems to be nothing. My factual questions are as follows.
Did they stop minting it, or greatly reduce the numbers minted?
In any case, the coin never seemed to get any circulation, except in vending machines in NYC. Correct?
Assuming that the govt. has stopped minting and/or promoting the coin, what is their “spin” for what has happened with it? Isn’t the golden dollar an even bigger failure than the Susan B. (1979-1981)?
Was the govt. ever really serious in making this coin “the” dollar?
I haven’t ever heard of the Mint discontinuing the golden dollar. I’m not sure if they ever really intended to have it actually replace the paper dollar, though. IMHO, it’s too bad, really. I would rather get the coin than the bill as change. I’m probably in the minority there…
I’m guessing that the Mint doesn’t consider it a failure. They’re selling them on their website at over face value!!! Can you believe that?
When did this happen? I remember hearing (perhaps a year or two ago) that they were cutting back the Sackies’ “production run” for that year, but I hadn’t heard that they were discontinuing the coin altogether.
They still dispense them at stamp machines around here, but that’s about it. If you give one to a cashier at a store, you’ll usually get a response like WTF? :dubious: , before recognition hits. ("Oh yeah, I remember those things.") Then they toss it into the till, usually in the last slot where they keep the spare rolls of change. From there it will invariably be sent to a bank, where it probably sits in a large pile along with hundreds of other unwanted dollar coins.
I don’t know how serious the government was about the dollar coins, but it sure seems like they were pretty quick to give up on them. I suspect that they introduced them largely to placate the vending machine industry, which has always been the biggest proponent of dollar coins.
Aeschines
I liked those television ads with the “hip” George Washington talking about the new dollar coin. At least according to that ad, he (GW) said that he’d still be around. I think the failure of that ad campaign was the fact it concentrated so much on a familiar face (GW) and an equally familiar denomination - the $1 bill, the dollar coin was practically ignored.
They’re very commonly given as change at the Metronorth ticket machines, which is kinda nice because I walk around with 7 bucks in my change purse and don’t spend it because I forget it’s in there. At another job, they were very, very popular in the vending machines - I guess that’s its niche?
The US Mint just loves to make money. So that’s what they do.
They produced about 1.3 billion SAC’s in 2000, the first year. These circulate in major metro areas. And overseas.
IN 2001, they produced 130 million. Guess they just didn’t need as many that year. :mad:
In 2002, they stopped making the SAC for general circulation as there were TOO F***ing many out there. We don’t need any more!!
But, they still produced 7.5 million, selling them in bulk on-line. That’s 7.5 million on their books as profit. Government accounting–go figure!
IN 2003, they produced 6.1 million. Again, not released to circulation. Sold in bulk on-line for collectors/investors :o :o
They are talking about ending the SAC and starting a presidential coin/dollar program. They make money by doing this. At least, using their baloney accounting methods.
Did they realistically expect them to circulate when they started the program? Only in the limited market that exists currently. Thus it will always be.
The Subway at my campus’s student union gave them as change for a while. Annoying as hell. I always made a point of exchanging them for paper money ASAP.
That was Michael Keaton (Batman) doing the voice of ‘George’ by the way.
Over face value?! Try highway robbery!! Almost a 50% markup on rolls! Over $35 for a twenty-five coin roll. And get this, almost $2500 for a 2000-piece bag!!
They’re still around here in the west, too. Caltrain (the San Francisco-San Jose transit line) ticket machines give change in a mixture of Sacagaweas and Susan B. Anthonys.
No, just catering to collectors. I don’t believe the 2003 or '04 coins were ever released for general circulation. You can still (AFAIK) go down to the bank and buy 25-coin rolls for $25, they just won’t have any 2003 or '04 coins.
one of the reasons the Sac failed is because one of the requirements was that it be functionally identical to the SBA dollar for vending machine purposes.
Identical to the current coin that nobody uses… just to please the vending machine industry?? bright idea guys. :smack:
If they wanted to get serious about a dollar coin circulating, all they have to do is stop printing ones. Given that the expected ‘lifetime’ of a dollar bill averages at 90 days, the change over will be swift.
Personally, I think the size of the dollar coin is okay, but it should have a sizeable hole in the middle. This would allow you to carry them ‘strung’ on something, plus reduce the weight of the coin greatly, plus deal with all those worries about mistaking them for quarters.