WASHINGTON — The U.S. Mint hasn’t done a good enough job in the past of promoting the convenience of the dollar coin, says Edmund C. Moy, director of the U.S. Mint in a recent interview with Coin Update News.
When asked why people don’t favor the dollar coin, Moy said Americans are creatures of habit and as such, are very used to the dollar bill. However, he sees dollar coins being used for coin-intensive transactions such as parking-meter use.
“The New York City subway, for instance, uses ten million one dollar coins; this is where Americans find them useful,” Moy explains. “The presidential dollar program has focused on two things. One is penetrating further into coin-intensive transactions, and two, penetrating into cash transactions such as quick-service restaurants and discount stores.
“Another thing we have to look at is re-circulating the coins instead of keeping them or giving them away as small gifts. The public is using them, but not intensely.”
Moy also said that Americans like choice, and Congress has been very specific on the subject: Congress wants the dollar coin and the dollar note to co-exist and let Americans decide which form of currency to use and which is more convenient for them.
He believes that the presidential dollar coin program is better than past programs, but admits there is still room for improvement.
Moy did not shed any light on the future of the half dollar as a circulation coin.
To read the entire interview, click here.