Searching for Sacagaweas
Coins
have yet to buy way into wide circulation. Collectors, Fed hold most
BY JEANNINE
AVERSA, Associated Press
Published in the Akron Beacon Journal
WASHINGTON:
The new dollar coin that bears the image of Sacagawea is proving to be as
elusive as the route to the Northwest that explorers Meriwether Lewis and
William Clark were seeking two centuries ago when she accompanied them.
The coin made its debut almost a year ago,
and by now, it was supposed to be jingling in people's pockets. But it seems the
only sighting many Americans have had is in newspaper and television ads.
Greg Rohde, an assistant secretary of
commerce, said he first saw it in Istanbul, Turkey. Other than the 15
golden-colored dollar coins he got as change from a street vendor, Rohde hasn't
seen any.
``I used a couple of them in the cafeteria
here, but it always takes an explanation of what they are,'' he said.
The U.S. Mint said its research shows that 90
percent of Americans are aware of the Sacagawea (pronounced sock-ah-gah-WEE-ah)
because of its $40 million advertising blitz, in which a hip George Washington
urges people to use them. But that doesn't mean they've ever held one.
About 1.2 billion coins have been made. The
Mint estimates that roughly 700 million are ``in circulation,'' with the rest
sitting in bank and Mint vaults. But ``in circulation'' means the coins have
been shipped to the Federal Reserve, the supplier of cash to banks, or are held
by collectors. It doesn't mean they are being used as currency.
Bankers said there has not been much demand
for the coins from retailers. And people increasingly are getting their money
from ATM machines, which usually don't dispense coins.
The Federal Reserve estimates that about $530
million in dollar coins -- including some Susan B. Anthony coins -- were shipped
since last January.
``It's a chicken-and-egg problem with the
dollar coin that's gone on for a year. Consumers say, `If I get them, I'll use
them.' Banks say, `If consumers want them, they'll get them,' '' said Michael
White, a spokesman for the U.S. Mint.
Beth Deisher, editor of Coin World, an
industry magazine, believes Sacagaweas won't be widely used as long as the
dollar bill is available. When Canada introduced its dollar coin, known as the
Loonie, it began phasing out the paper equivalent. The United Kingdom and other
countries have done the same.
When the Sacagaweas debuted, the Mint gave
the Wal-Mart retail chain about 100 million to offer to customers when making
change -- an effort to get the coins into peoples' hands quickly.
``Customers were very happy to get them
without a doubt,'' said Wal-Mart spokesman Tom Williams. ``They kind of went
into circulation. Then it was real quiet there for a while, but the coins are
beginning to show up here and there in tender.''
Some Kmart stores make change with the
Sacagaweas, but there isn't a corporate mandate to use them, said spokesman
Stephen Pagnani.
Coin experts believe the Sacagawea coin is
unlikely to meet the fate of its predecessor, the Susan B. Anthony coin. It is
still in circulation, though production of the coin has stopped.
But they question whether the new coins will
be used routinely.
``Americans tend to be conservative. The
penny has not changed since 1909,'' said White. ``Basically, with the golden
coin, we're asking people to change their behavior and that takes a while.''