All this just proves the point we already knew, there are a lot of collectors hoarding the coins. In the past few years the Mint has scored a homerun with collectors by releasing both the Golden Dollar and the series of State Quarters. Many new collectors have joined the collecting craze specifically because of the US Mint. Just watch a cashier as they look at your coins, looking for a particular state quarter -- but forget finding the Golden Dollar in your change, at least in this area. Around Oklahoma the coins were rarely seen when first issued and in the past few months most attempts to find the Golden Dollars have been futile.
The Mint has stated that the first year was for awareness of the dollar and now the next goal is getting consumers to use it. This week the Mint released a report to Congress on the first year success of the Golden Dollar. The report states, in part, "Golden Dollar has won popular support, especially as Americans discover the convenience of using the coin in everyday transactions."
"The Golden Dollar is also making money for America. In fiscal year 2000, the Golden Dollar made a profit of $800 million, part of the $2.3 billion profit that the Mint returned to the U.S. Treasury last year."
How has it made so much money? It only costs twelve cents to make it and the coins have a thirty year life span, compared to a eighteen month life for paper money. Although this last point is moot if they don't replace the dollar bill as the commonly used currency.
Do you like the Golden Dollar? Personally, I love it, it's an attractive design, has a wonderful historical background and the size is convenient. And yes, I would use it -- if I had any to use!
Sources:
It's Money, So Use It!
Hidden From View, USA Today
Repot to Congress After First Year, US Mint
