$1 Coin Rolls Out Today With Hopes It Will Shine

It probably will never replace the dollar bill. But at the very least, the Golden Dollar--a gold-hued dollar coin that makes its national debut today--won’t be confused with the quarter, which was the unfortunate fate of its predecessor, the Susan B. Anthony dollar.

“We hope that it will begin circulating and that it becomes part of the consumer’s daily routine,” said New York Federal Reserve spokesman Doug Tillett about the coin, which bears the image of Sacajawea, the 14-year-old American Indian guide who accompanied the Lewis and Clark expedition to the Pacific Northwest in the early 1800s.

Color aside, the Golden Dollar is distinguished from the quarter by its slightly larger size, smooth edges and wide border.

For the first time, the U.S. Mint has treated a coin as a consumer product, promoting it with a $40-million campaign that starts this spring. To that end, the federal agency struck a deal to introduce 30 million of the coins today at more than 2,900 Wal-Mart stores and Sam’s Clubs nationwide. Customers will have the option of getting change in the new currency.

The U.S. Mint has orders for 200 million of the new coins, which far exceed its initial goal of 120 million.

Made of a manganese alloy on a copper base, the coins replicate the electromagnetic signature of the Susan B. Anthony coin and can be used in machines that currently accept the older coins.

With the public’s increasing need for coins of higher denominations, the Golden Dollar is expected to improve transactions at vending machines and toll booths. But for the government, it’s also a money maker: While paper money lasts 18 months and has to be constantly reissued, the coin will last 30 years. Each coin costs 12 cents to make, and the Mint sells it to the Federal Reserve for $1, making an 88-cent profit for the U.S. Treasury.