Coin Mall Newsletter

August 2000

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Collecting News

Dollar Coin Response

In the last issue, I asked where the new dollar coins were, and if you had seen them. Here are some of the responses I received back:

Response 1

I am from New Jersey, I have seen them at many places. First time was at a gas station in Hillside, NJ. Now I have some of them in my collection which I got at the bank I do all my banking, Sovereign Bank (Long Branch, NJ). One time I got ten of them because I went to two different branches. The tellers say that they are not allowed to give out more than 5 coins because the reserve supplies limited amounts to the banks. I used to go to Summit to get all my new coins but lately they don't have anything. They say that they are out of them or that they ordered some and don't get them until a week or so. I have not been able to get any of the quarters for this year in my collection. I used to get at least 5 rolls and save them in my box of coins but have not done so this year.

Response 2

I just wanted to let you know about the new dollar coin. Where I work, the vending company that stocks our canteen gets the new dollars at the bank. They put the dollars in a bill changer and all the machines are taking them. They mix them with the old dollar coins. I have seen the new dollars at many stores and eating joints. Thought I would let you know. These places are in N.C.

Response 3

Read your note re circulation of the new dollar coins. I, like you, have not seen any in circulation, except the ones I have put there. Recently they have become available at my bank - so I buy and spend a few rolls occasionally. I would say that 25% of the clerks that I give them to don't even know what it is until they look closely and/or ask me, another 50% state that this is the first one they have received and plan to keep it and the rest have not commented. It will be really interesting to see if they make it into circulation. At least they are in fact distinguishable from the quarter. I suspect that until we get rid of the $1 bill there will not be much of a future for the dollar coin. My understanding is that other countries, Canada and Australia come to mind, had to get rid of the paper before the coin took off.

Response 4

I have seen one, and only one in circulation. It was in the cash register drawer of a small sundries store in a hotel near down town Los Angeles.

Response 5

Relative to the Sacawagea Dollars. No I haven's seen one in circulation yet. However I was at Wal-Mart the day they were put into circulation. Right out of the rolls from the mint I must say that the condition of these coins is extremely poor! Variation in the gold copper on some making them look bronze, spots on many of them etc. I was very disappointed. I am also seeing this on some of the state quarters.

Response 6

I haven't seen the dollar coin outside the bank and WalMart. However for our recent Lions Club Spring Yard Sale, in setting up the change fund I got the new dollar coin rather and bills just to check the reactions. Some people were quite pleased and others kept waiting for more change when I gave them only coins. Another curious thing, I was sending my grandson coins to go in his piggy bank since he's become quite thrifty and tried to get some SBAs from the bank to mix in with the new dollar coins for the educational value, the bank didn't have any SBAs.I continue to get the state quarters in change, 90% Ps.

Response 7

I'm finding them at U S Bank in Eugene, Oregon. Not one from any store that I've been in.

Response 8

I have been getting these new dollars as change at the Post Office out of the stamp machines.

Response 9

You had asked to be emailed if anyone has seen the new dollar coin in circulation anywhere other than Wal Mart. Well I have. We have them in our vending machines at my work place and I have seen them at various gas stations and small grocery stores here in the area of Minneapolis & St. Paul, MN.

Response 10

In responce to Golden Dollar finds I live in Detroit Mi. I have seen approx 10 all P mint mark in gas stations. Every week I get a roll from my bank to circulate.

Response 11

I am an Air Force member serving in Germany. I have received several of the new dollars as change at the military banking and shopping facilities on Spangdahlem AB, Germany. Just thought you would like to know.

A look at collecting: U.S. Silver Coins

This month, I am going to explore US silver coinage. From the late 18th century, through 1964, the United States produced silver coinage. While these coins are not pure silver, most were 90% silver. Denominations that included silver were 3 cent silver coins, half dismes, dimes, quarters, halves, and silver dollars. In the 20th Century, you can find dimes, quarters and halves produced continuously through 1964, while the silver dollars were not minted after 1935.

The reason the US stopped producing silver coinage was a simple one. The price of silver had risen to the level that a dime would have contained more than 10 cents worth of silver. It wouldn't take long for the US Government to go out of business at that rate, so in 1965, dimes and quarters were produced with no silver at all, while half dollars contained 40% silver through the end of the decade.

This changeover in metals caused hoarding of silver coinage, because most people realized that eventually, the price of silver would be much more than the face value of a coin. Imagine how those people felt 16 years later, when in 1980 silver rose to a historical high of $50 per ounce. At that level, each coin was worth 36 times face value in silver! ($3.60 for a dime, $9.00 for a quarter, $18.00 for a half dollar, and $36 for a silver dollar) - Silver has come down to a much lower level, and has hovered around $5 an ounce recently. That still is 3.6 times face value for each coin. If someone has held onto a coin since 1964, the rate of inflation has probably wiped out any money made on the price of silver.

The current low price of silver makes these coins even more attractive. Circulated examples can often be picked up from dealers just over melt value of silver (with the exception of rare coins, etc.) - Better condition coins will cost more.

There are several ways to collect. Some people collect every coin of a series (mint varieties included), some collect just one example of each year. You can also collect all silver coins of a decade, or however you wish to do it.

There are several US coin dealers at The Coin Mall ( http://www.coinmall.com ) - Here are some of them that you can visit:

New Dealers at The Coin Mall

The following are new dealers at The Coin Mall since the last newsletter:

Kelly's Computer Shop & Coins

http://www.kcshop.com/

Collectable US Coins: large cents, pennies, nickels, dimes, quarters, half dollars, dollars, mint sets, proof sets, silver eagles & supplies

Coins and More

http://www.geocities.com/coinsandmore/

Coins and More is a dealer in U.S. coins. If you can't find it anywhere else, I bet we have it or can get it. We have hundreds of coins in stock.

MintProducts.com

http://www.mintproducts.com/

WELCOME COIN COLLECTORS! WE SPECIALIZE IN AND FEATURE THE LATEST MINT RELEASES and with our large stock we ship most orders the next business day at the latest!

Thanks for visiting The Coin Mall ( http://www.coinmall.com )

Alan Cohen

The Coin Mall