Skip to main content

Can’t get new dollars from your bank

They say news travels fast. It does. This is especially true in the age of the Internet. But as fast as it spreads, it still misses many of its targets.

I have had multiple inquiries in the last few days regarding whether the new American Innovation dollars will be available in circulation.

The new dollar will not be available in circulation, but that part of the story is something I have apparently not stressed enough.

Getting reader feedback helps me learn where I haven’t provided enough depth.

The American Innovation dollar is a collector-only program. The Mint will sell these coins directly to you. The coins will not be available from the banking system.

I am sure that will disappoint many who would look forward to getting each of the 57 designs for face value.

Instead, they will have to purchase these coins by the 25-coin roll or 100-coin bag and pay the Mint’s price to get them. The first of these new designs became available Dec. 14, 2018.

A 25-coin roll is priced at $32.95. A 100-coin bag is $111.95. These are fairly low prices even after adding shipping charges.

Granted, low prices are still not face value.

Why are these coins not available through banks?

That’s an easy question to answer.

Remember when the circulating Presidential dollar program was suspended in 2011 because too many of them had backed up in Federal Reserve vaults? Big storage bills and the public outcry that went with them terminated any effort by the federal government to circulate a $1 coin.

You can be sure that had the legislation calling for an American Innovation dollar mandated that it be struck for circulation, it never would have been approved by Congress or signed by the President.

A public outcry is no way to begin a new coin program in the minds of our leaders.

So we collectors have to patiently wait. Four designs will be issued in 2019. Four more will come each year through 2032. We must remember to order them all from the Mint.

Unlike the situation this year, next year’s mint and proof sets should include the new dollar coins.

In the meantime, remember to send your $6.95 to the Mint for the 2018 proof. There is no other way to get it. It is the first coin in the set and the only AI dollar to be dated 2018.

Share this news. I need help getting the word out.

 

This article was originally printed in Numismatic News Express. >> Subscribe today

 


 2019 North American Coins & Prices
If you like what you’ve read here, we invite you to visit our online bookstore to learn more about 2019 North American Coins & Prices.

Learn more >>>


 

 

NumismaticNews.net is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com and affiliated websites.

The post Can’t get new dollars from your bank appeared first on Numismatic News.

Comments

Popular posts from this blog

Royal Mint Partners with NGC to Offer Certified UK Coins

The Royal Mint, the official mint of the United Kingdom, has partnered with Numismatic Guaranty Corporation (NGC), the world's largest third-party coin grading service. For the first time, The Royal... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Record High Gold Price?

This week, the price of gold reached an all-time high price against the U.S. dollar. It closed Wednesday this week on the COMEX at $1,953.50 per troy ounce, well above even intraday gold prices during the previous peak in September 2011. Gold had previously set all-time high record prices against almost every other world currency last week. However, this record-high gold price needs to be noted with an asterisk. The reason the asterisk is needed is that the value of the U.S. dollar itself has declined over the years. As a consequence, the price of gold this week, if compared to a U.S. dollar of consistent purchasing power, is lower than the previous peak price in September 2011 of about $1,924 and even further below the January 1980 peak of about $850. To give you some idea of the instability of the value of the U.S. dollar, just compare the M2 definition of the U.S. money supply, courtesy of the Federal Reserve Bank of St. Louis: January 1980:      ...

Community Voice Response: Jan. 1, 2020

From the Dec. 13 Numismatic News E-NewsLetter What are your numismatic resolutions for the new year? Here are some answers sent in from our E-Newsletter readers.   One of my numismatic resolutions is to do what I can to make sure coin collector’s concerns are represented and NOT deep-pocket businesses. Ron Brown Address Withheld   My resolution is to encourage everyone in the world to never again buy from the U.S. Mint, considering the 2019-S Enhanced Reverse Proof fiasco. Steve McGowan Algonac, Mich.   First, I want to pay for the coins I purchased in 2019. Secondly, I want to pre-order my 2020 silver eagles graded. Merry Christmas to all! Timothy Kenyon Mechanicsburg, Pa.   One of my resolutions is not to end up with 20 2020 ASE’s in different holders/OGP/signatures as I did in 2019. Donovan Hamilton Address Withheld   We want to bring the enjoyment of the hobby to as many young people as possible and to keep the future of numismatics brig...