Sacagawea dollar
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| Sacagawea Dollar (United States) | |
|---|---|
| Value: | 1 U.S. dollar |
| Mass: | 8.100 g |
| Diameter: | 26.5 mm |
| Thickness: | 2.00 mm |
| Edge: | Plain |
| Composition: | 88.5% Cu 6% Zn 3.5% Mn 2% Ni |
| Years of minting: | 2000–present |
| Catalog number: | - |
| Obverse | |
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| Design: | Sacagawea with child |
| Designer: | Glenna Goodacre |
| Design date: | 2000 |
| Reverse | |
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| Design: | Eagle in flight |
| Designer: | Thomas D. Rogers |
| Design date: | 2000 |
The Sacagawea dollar, along with the Presidential Dollar series, is one of the two current United States dollar coins. This coin was first minted in 2000 and depicts the Shoshone woman Sacagawea, a member of the Lewis and Clark Expedition, carrying her son Jean Baptiste Charbonneau. Artist Glenna Goodacre used a 22-year-old Shoshone woman named Randy'L He-dow Teton as the model for the young Sacagawea.[1] The reverse side was designed by Thomas D. Rogers.
Originally, since there was no known portrait of Sacagawea, the committee that chose Sacagawea for the coin specified the figure as Liberty depicted as a Native American woman inspired by Sacagawea[2]. This also helped sell the coin to committee members that preferred the traditional Liberty of older U.S. coins, especially since the Indian Head cent had also depicted Liberty as a Native American. However, the "Liberty" part of the concept faded during the design competition, as the most suitable designs (including Goodacre's winning design) focused on the story of Sacagawea.
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[edit] 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 unpopular Susan B. Anthony dollar coins which were often confused with quarters because of their similar size, similar ridged edge, and identical color. To remedy this problem, Sacagawea dollars were given a smooth outside edge (similar to the Nickel) and distinctive gold color which made it the only gold-colored coin in the United States that was circulating at the time.
The dollar is nearly identical in color, size, and thickness, but not shape, to the Canadian $1 loonie coin, first minted in 1987.
Despite a major promotional blitz by the United States government, these coins failed to gain popularity with the general public, and mintages of the coins declined sharply after the first year, just as mintages of the Susan B. Anthony dollar had done 21 years earlier.
Sacagawea dollars were released for general circulation only in 2000 and 2001. On March 31, 2002 production of the coins for circulation was halted due to low demand and the fact that inventories the coins were filling up Government vaults[3]. Since then, Sacagawea dollars are still being minted on a small scale for collectors and are available in uncirculated coin rolls, Mint Sets, Proof Sets, and Special Westward Journey Sets from the United States Mint. The coins though widely available at banks and in change from automated vending machines, rarely are given as change from merchants and thus tend to return to the banks.
The Sacagawea dollar is commonly found in circulation in Ecuador, which dollarized to the US dollar in 2000. While Ecuador issue their own coins for the lower denomiations there is no Ecuadorian counterpart for the dollar coin. Both the dollar note and coin are commonly used.
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.[4] Congress responded by including in the $1 Coin Act (Public Law 105-124) a provision that:
- 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.[5]
Nonetheless, nothing in that section (or in any other law) prohibits the Federal Reserve System from phasing out the paper dollar in the future.
In 2000, the General Accounting Office estimated that "the $1 coin's advantage would be $522.2 million per year, once fully implemented".[6] 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.[7]
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."[8]
[edit] Future
Though the Presidential $1 Coin Act of 2005 authorized a new dollar coin program featuring the Presidents of the United States, it also assured the future of the Sacagawea dollar. The act required that the number of Sacagawea dollars be at least one third of the number of the presidential dollars issued in each year of the program,[9] and that the Sacagawea design continue after the program ends. These requirements were added at the behest of the North Dakota congressional delegation to ensure that Sacagawea, whom North Dakotans consider to be one of their own, ultimately remains on the dollar coin.
Federal Reserve officials indicated to Congress that "if the Presidential $1 Coin Program does not stimulate substantial transactional demand for dollar coins, the requirement that the Mint nonetheless produce Sacagawea dollars would result in costs to the taxpayer without any offsetting benefits." In that event, the Federal Reserve indicated that it would "strongly recommend that Congress reassess the one-third requirement."[10]
Because of the Federal Reserve's remarks, Congress passed the Native American $1 Coin Act,[11] on September 20, 2007, which eliminated the one-third requirement and requested a new design for the Sacagawea dollar. Beginning in 2009, the Sacagawea dollar coin will be modified to further commemorate "Native Americans and the important contributions made by Indian tribes and individual Native Americans to the development of the United States and the history of the United States." Like the Presidential Dollar, the year of issue, mint mark, and mottoes will be moved to the edge of the coin to allow more room for the design.[12] The act further requires that 20% of the total dollar coins minted in any year during the Presidential $1 Coin Program be Sacagawea dollars bearing the new design. The new design will represent a important Native American event.
Although not widespread in the United States, the Sacagawea dollar is very popular in Ecuador and other foreign countries that have made the US dollar their currency. Since dollarization, an estimated 500 million coins, approximately half of those minted, have been used in Ecuador, El Salvador, and other Latin American countries.[13]
[edit] Mintage figures
| Year | Philadelphia (P) | Denver (D) |
|---|---|---|
| 2000 | 767,150,000 | 518,920,000 |
| 2001 | 62,470,000 | 70,940,000 |
| 2002 | 3,869,000 | 3,733,000 |
| 2003 | 3,080,002 | 3,080,002 |
| 2004 | 2,660,010 | 2,660,010 |
| 2005 | 2,525,000 | 2,525,000 |
| 2006 | 4,900,000 | 2,800,000 |
| 2007 | 3,640,000 | 5,740,000 |
[edit] Truly golden dollars
In 2001, Coin World reported the revelation (via a FOIA document request) that the Mint had struck 39 examples of the 2000 Sacagawea dollar in gold in June 1999 at the West Point Mint. The planchets came from specially prepared 1⁄2 oz. $25 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" collectibles in conjunction with the newly released Sacagawea dollar in 2000.
Twenty-seven were soon melted and the remaining 12 were on board Space Shuttle Columbia for the July 1999 STS-93 mission. Two examples then popped up at two separate 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 until they were transferred in 2001 to Fort Knox. The strikes are considered to be illegal due to the Coinage regulations in place.
In 2007, the Mint announced[14] it would for the first time publicly display the 12 space-flown gold dollars at the American Numismatic Association's World's Fair of Money in Milwaukee, WI.
[edit] See also
[edit] References
- Edler, Joel and Harper, Dave U.S. Coin Digest Iola: Krause Publications, 2004
- Yeoman, R.S. A Guide Book of United States Coins Atlanta: Whitman Publishing, 2004.
[edit] Notes
- ^ Wind River Visitors Council (January 18, 2005). Sacajawea lived and died in Wyoming's Wind River Country. Wind River Visitors Council. Retrieved on 2006-12-10.
- ^ United States Mint. Dollar Coin Design Advisory Committee Makes Recommendation to Secretary Rubin at the Internet Archive Wayback Machine. Accessed 2008-01-13. "After much deliberation, the Committee recommended to Treasury Secretary Rubin that the obverse of the new dollar coin bear a design of a Native American woman, inspired by Sacagawea."
- ^ Meyer, Ron. "Sagagawea's Second Chance", COINage Magazine, December 2007, p. 56. Retrieved on 2008-01-05.
- ^ Cranford, Steve. "New coin unlikely change?", Charlotte Business Journal, July 21, 2000. Retrieved on 2006-12-10.
- ^ United States Code, Title 31, Subtitle IV, Chapter 51, Subchapter II: General Authority. United States Code. FindLaw (January 19, 2004). Retrieved on 2006-12-10.
- ^ United States General Accounting Office (2000-04-07). Financial Impact of Issuing the New $1 Coin. Retrieved on 2007-06-10.
- ^ Tim Sanford writing for the Vending Times, Vol. 41, No. 1 (January 25 thru February 24, 2001 issue). Coin Coalition’s Benfield Gauges Progress Of ‘Golden Dollar’ On Eve Of Anniversary. Retrieved on 2008-04-18.
- ^ ibid.
- ^ 31 USC § 5112 (n)(B)(ii):
“ CIRCULATION QUANTITY- Beginning January 1, 2007, and ending upon the termination of the program under paragraph (8), the Secretary annually shall mint and issue such 'Sacagawea-design' $1 coins for circulation in quantities of no less than 1/3 of the total $1 coins minted and issued under this subsection. ” - ^ Testimony, Roseman--Coin and currency issues. Proceedings of the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology, Committee on Financial Services, U.S. House of Representatives. Board of Governors of the Federal Reserve Board System (United States government) (July 19, 2006). Retrieved on 2006-12-10.
- ^ E:\PUBLAW\PUBL082.110
- ^ GovTrack.us. H.R. 2358--110th Congress (2007): Native American $1 Coin Act, GovTrack.us (database of federal legislation) [1] (accessed Sep 28, 2007)
- ^ "Ecuador's Bittersweet Pill," by Rick Young. October 19, 2006, Frontline World. [2] "While it seemed awfully strange to be withdrawing dead presidents from an ATM high in the Andes, I was even more perplexed by the monetary figure most prevalent on Ecuador's streets. It wasn't Washington, Lincoln or Jackson, but rather Sacawagea, the young Shoshone Indian guide. I hadn't seen a Sacagawea gold coin back home for a long time and now I knew why. Half the coins -- 500 million of them -- had been shipped off to Ecuador after dollarization."
- ^ collectSPACE (July 14, 2007). US Mint to show unseen gold space coins. collectSPACE. Retrieved on 2007-07-16.
[edit] External links
- Sacagawea Dollar pictures
- United States Small Size Dollar Coins, 1979-Present
- United States Mint, Golden Dollar program
| Preceded by Susan B. Anthony Dollar |
Sacagawea Dollar (2000–present) Concurrent with: Presidential Dollar Coin Program (2007-Present) |
Succeeded by Presidential Dollar Coin Program |
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