Sacagawea Dollar

From Freepedia

Image:Sacagaweacoin.jpg

The Sacagawea Dollar is the current United States dollar coin. Issued by the United States government, it is equal to 100 cents. This coin was first minted in 2000 and is named for the Native American woman, Sacagawea shown on the obverse. The obverse was designed by Glenna Goodacre and the reverse by Thomas Rogers.

Contents

Specifications

History

Sacagawea Dollars began being minted in 2000 in accordance with the United States $1 Coin Act of 1997. These coins were made to replace the disliked Susan B. Anthony Dollars which were often confused with quarters because of their relative size. To remedy this, Sacagawea Dollars were given a distinctive gold color which makes it the only currently circulating gold colored coin in the United States. Despite a major promotional blitz by the United States government, these coins were unpopular and mintages of the coins declined sharply after the first year just as the Susan B. Anthony did before it. The dollar is still minted but dates other than 2000 or 2001 are only available in collector Uncirculated Rolls, Mint Sets, Proof Sets, and Special Westward Journey Sets from the United States Mint.

Save the Greenback, an organization of Bureau of Engraving and Printing employees and paper and ink suppliers, lobbied against replacing the paper dollar with the dollar coin[1]. Congress responded by including in Public Law 105-124 a provision that[2]:

Nothing in this Act or the amendments made by this Act shall be construed to evidence any intention to eliminate or to limit the printing or circulation of United States currency in the $1 denomination.

In 2000, the General Accounting Office estimated that "the $1 coin’s advantage would be $522.2 million per year, once fully implemented"[3]. The GAO noted that in order for a dollar coin to be successful, the $1 note would have to be eliminated; a reasonable transition period would be needed; the $1 coin would have to be well designed and readily distinguishable from other coins; an adequate public awareness campaign would be needed; and sustained administrative and congressional support would be necessary to withstand an initial negative public reaction to eliminating the $1 note.

James C. Benfield, executive director of the Coin Coalition, commented on the reasons for why the Sacagawea Dollar never became widely circulated. He denied that it was due to the public hoarding the coins, noting that the public also collects large quantities of Statehood Quarters, yet Statehood Quarters remain in wide circulation. Benfield claimed that banks could not be faulted, since few people get coins from the bank, except for rolls of quarters to feed parking meters or coin-operated laundry machines. Moreover, he denied that it was due to public rejection of the Sacagawea, explaining, "The key players in the circulation of any denomination are the store managers of chain restaurants, drugstores, grocery stores and convenience stores. All coins, and $1 and $5 bills, begin circulating in the economy from the cash drawers of these establishments. If the store manager doesn’t stock $1 coins in the morning, then you won’t get them as change in the afternoon."

Benfield also pinned down the root cause of the Sacagawea's failure: "The chief stumbling-block to the success of the ‘golden dollar’ is the continued presence of the $1 bill. The lesson demonstrated by our SBA experience, and learned by all countries that have introduced a high-denomination coin since 1979, is that the equivalent note must be removed from circulation. The only country not to learn that lesson is the United States."

Some retailers have reported positive experiences with dollar coins, including the fact that they do not stick together as bills do[4].

Many have taken to calling the Sacagawea Dollar a Squawbuck. As is normally the case with such renamings, some people consider the term derogatory.

Truly "Golden" Dollars

In 2001, Coin World reported that via a FOIA document request, the Mint had struck 39 examples of the 2000 Sacagawea Dollar in June 1999 at the West Point Mint. The planchets came from specially prepared $25 1/2 oz. American Gold Eagle Bullion Planchets. Why they were struck is not known; speculation is that this was an attempt by the mint to offer "Premium" collectables in conjunction with the newly released Sacagawea Dollar in 2000.

27 were soon melted and the remaining 12 were sent on the Shuttle Columbia in July of 1999. Two examples then popped up at two seperate events; one during a Private Congressional Dinner in August 1999, and another example at the Official First-Strike ceremonies in November. The coins remained at Mint Headquarters under lock and key untill they were transferred in 2001 to Fort Knox, where they are rumored to reside to this day. The strikes are considered to be illegal due to the Coinage regulations in place.

The dies for the Gold Proofs were prepared with Thomas D. Rogers, Sr.'s original reverse design featuring 12 tail feathers. Circulation strikes from other mints have 13 tail feathers. 2,000 Sacagawea dollar coins placed in cereal boxes to help promote the coins have been discovered recently to have the "Gold Dollar" reverse instead of the normal business strike design.

Mints

Mintmarks appear underneath the date on the obverse. Mintmarks include:

-San Francisco coins are only available in proof sets.

References

External links

Preceded by:
Susan B. Anthony Dollar 		Dollar Coin of the United States
2000-Date 		Succeeded by:
Current
Retrieved from "http://en.freepedia.org/Sacagawea_Dollar.html"


Views
Personal tools
Similar Links