Financial Update (April-June 2000)
Strong Public Demand for New Coin
ased on early usage levels, the new golden dollar looks to be a big success. In fact, public demand has been strong enough to generate thousands of orders from financial institutions and retailers and has led some institutions to create golden dollar waiting lists for customers since the coin was introduced in January.
Demand exceeds expectations
To help meet demand, the U.S. Mint in February doubled production of the coin to five million per day, at that time matching every 11 days the previous annual demand for the Susan B. Anthony coin, which the golden dollar replaced. The Mint expected to put 350 million golden dollars into circulation by the end of March 200 million through the Federal Reserve and the rest through direct shipment to retailers and small financial institutions.
Direct shipments to community banks
Through this temporary program, the Mint sent direct shipments of golden dollars to community banks, credit unions and savings and loans across the country. The U.S. Mint and the Federal Reserve developed this program to accelerate shipments of golden dollars to small financial institutions, said Phillip N. Diehl, director of the U.S. Mint. This program was designed to augment, not replace, the routine delivery of coins through the Federal Reserve System.
The program ran from March 1 to April 15 and provided for direct shipment of up to 6,000 golden dollars, in three shipments of 2,000 each, to each financial institution that placed an order through the Mints Web site. Going forward, depository institutions should continue to place regular orders for golden dollars with Federal Reserve Banks.
For additional information on the golden dollar, visit the U.S. Mints Web site at www.usmint.gov/GoldenDollar.