Board of Governors of the Federal Reserve System |
United States Mint
U.S. Mint and Federal Reserve Announce Program For Direct Shipment of Golden Dollars To Small Financial Institutions
--Online Ordering to Begin on March 1, 2000--
The United States Mint and the Federal Reserve today announced a program to provide direct shipments of Golden Dollars to community banks, credit unions, and savings and loans across the country. Strong public demand for the new dollar coin has generated thousands of orders from banks and retailers and led some banks to create Golden Dollar waiting lists for their individual and commercial customers.
"The U.S. Mint and the Federal Reserve have developed this program to accelerate shipments of Golden Dollars to small financial institutions," said Philip N. Diehl, director of the Mint. "We want to get as many Golden Dollars to these institutions as quickly as possible. This program is designed to augment, not replace, the routine delivery of coins through the Federal Reserve System."
Depository institutions should continue to place regular orders for Golden Dollars with the Federal Reserve Banks (FRBs).
"We expect to produce at least 150 million Golden Dollars in March - about 100 million for distribution through the Federal Reserve System and up to 50 million for direct shipment to small financial institutions," Diehl said. "No FRB orders will be reduced to supply Golden Dollars to financial institutions that participate in the temporary direct-shipment program."
By the end of March, the Mint expects it will have placed 350 million Golden Dollars into circulation - about 200 million through the Federal Reserve System and the rest through direct shipment to retailers and small financial institutions. It recently doubled Golden Dollar production to five million a day.
The new program provides for direct shipment from the Mint of 1,000 or 2,000 Golden Dollars to community banks, credit unions, and savings and loans. The American Bankers Association, America's Community Bankers, Credit Union National Association, Independent Community Bankers of America, and the National Federation of Federal Credit Unions also are participating by assisting the Mint in informing the industry of the program. Orders will be accepted through the Mint's secure Web site March 1 through March 31. Only financial institutions may participate in this program, and the U.S. Mint will validate orders. Delivery is expected to require five to ten business days, and orders will be shipped on a first come basis. Coin will be shipped in rolls of 25 coins.
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