Ok, so the headline is a bit over the top. But I've talked so much about the gold dollar coins and have used them so frequently that I should get some of the credit for this:
Cautiously, the U.S. Mint believes change is coming to America after all – pocket change, with new data suggesting the presidential dollar coin is finally starting to find its place in trousers, purses and vending machines.
Mint officials are basing their excitement on the results of a five-month pilot program that just wrapped up in four U.S. cities. It began last August with a handful of retailers in Charlotte, N.C.; Grand Rapids, Mich.; Austin, Tex.; and Portland, Ore. – but by December, more than 1,000 shops in those cities had contacted the U.S. Mint, clamoring to join in.
"We're still crunching the data, but clearly there is enthusiasm. Working with retailers and local banks, putting ambassadors on the ground, our goal was to change behavior by making the dollar coin part of everyday transactions," said Greg Hernandez, a U.S. Mint official specializing in the coin campaign.
"The formula is for people to have it in their hands. Once they see it regularly in change they will embrace it."
Yep, you saw it -- my city is one of the test markets that has shown initial success. Could it be because of me buying and distributing so many gold dollar presidential coins? I doubt it, but it's nice to dream, huh? :-)
And for those of you wondering how I've been using the coins, see these posts:
BTW, I emailed the US Mint and asked them if there was anything Free Money Finance could do to help them get the word out about the gold dollar coins. That was a month ago. They responded with typical government speed -- I haven't heard back yet.
When I was at the gym yesterday, I noticed that there was a commercial for a mint that was selling gold coins. The commercial noted that in these troubled times, investors were flocking to gold investments. They also put up a graph that showed how the value of gold has increased by 300% since 2001.
Now, we often hear that the way to get rich in the stock market is to buy low and sell high. Now I don't have any money in gold coins, so why would I want to buy gold coins right now? After all, if you want to build wealth, buying high and then selling low isn't the best way to go about it. If I were going to buy anything, shouldn't it be stocks, since they are a decade low in price?
Posted by: Brian S. | February 26, 2009 at 08:18 AM
Brian --
These coins don't have any (or much) gold in them -- they're just gold in color. They are the new $1 coins (bought for $1, worth $1) with which the US Mint is using to replace the $1 (paper) bill.
Posted by: FMF | February 26, 2009 at 08:22 AM
I hope these catch on, we can save so much money using coins rather than bills.
Posted by: jim | February 26, 2009 at 10:27 AM
Yeah, this way people will get used to the dollar being a coin for the day when it's worth about a quarter.
Posted by: Mike | February 26, 2009 at 12:32 PM
Can they please get rid of the penny at the same time?
Posted by: Krazy Eyes | February 26, 2009 at 01:03 PM
I don't see the incentive for $1 coins. Isn't it cheaper to produce bills rather than coins? Is it just for kicks?
Posted by: Angie | February 26, 2009 at 01:07 PM
Angie, it's cheaper to produce but coins last much longer. It's estimated that a coin lasts thirty years and a bill only one, that's why coins are better.
Posted by: jim | February 26, 2009 at 01:26 PM
i like the dollar coins, nice to hear others are useing them. if the us gov't gets rid of pennies, i will be sad, so many people just give them to me, it's a few extra dollers a year in my pocket.
Posted by: mb | February 26, 2009 at 03:43 PM
usmint.com added this languageto their website in Dec 2009.
The intended purpose of the Circulating $1 Coin Direct Ship Program is to make $1 Coins readily available to the public, at no additional cost, so they can be easily introduced into circulation–particularly by using them for retail transactions, vending, and mass transit. Increased circulation of $1 Coins saves the Nation money.
The immediate bank deposit of $1 Coins ordered through this Program does not result in their introduction into circulation and, therefore, does not comply with the intended purpose of the Program
Posted by: Rich Guy | December 27, 2009 at 05:48 PM
Coins cost more to m,ake than paper money, but coins last 26 years and a paper dollar lasts 6 months
Posted by: Rich Guy | December 27, 2009 at 05:50 PM
Rich Guy --
FYI, I did circulate mine. See the links above for the various ways I did this.
Posted by: FMF | December 28, 2009 at 08:25 AM
The United States Mint has eliminated the credit and debit card purchase of $1 Coins through its Direct Ship Program effective July 22, 2011. Customers who wish to purchase $1 coins through the Direct Ship Program can still do so by wire transfer, check, or money order.
The Mint has determined that this policy change is prudent due to ongoing activity by individuals purchasing $1 coins with credit cards, accumulating frequent flyer miles, and then returning coins to local banks. Local banks, in turn, returned coins to the Federal Reserve. While not illegal, this activity was a clear abuse and misuse of the program.
Posted by: RichGuy | July 29, 2011 at 09:57 AM