New $1 coin the first to feature a president - Will dollar with Washington's image find more success than other versions?Associated Press
WASHINGTON - George Washington’s birthday celebration will have a golden tinge this year. Millions of new gold-colored dollar coins bearing the first president’s likeness are being introduced in time for the festivities. The question is whether people will reject them as they did the two previous $1 coins.
The new $1 coins, the first in a series featuring four presidents a year, were to go into circulation on Thursday, just before next week’s President’s Day celebrations.So far the Federal Reserve, the Mint’s distribution agent, has placed orders for 300 million of the Washington coins. Many have already been delivered to commercial banks under orders not to begin selling them to customers until Thursday. “For the vast majority of Americans, they will be able to get the new dollar coin on the day that we issue it,” Mint Director Edmund C. Moy said in an interview with The Associated Press.
“I don’t know of any country that has successfully introduced the equivalent of a dollar coin without getting rid of the corresponding paper unit,” said Douglas Mudd, the author of a new book on the history of money, “All the Money in the World.” “If the new one-dollar coins are going to win, then one-dollar bills will have to lose,” said Jeff C. Garrett, president of the Professional Numismatists Guild. See: See the brand-new $1 coin
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