Could the One Dollar Coin Ever Gain Acceptance?
When you think of a dollar, you probably think of a paper dollar. Just like all other paper currency, the dollar can be folded into your pocket with a bunch of other dollars and it’s not very cumbersome. What if we didn’t have paper currency? What if there was a one dollar coin instead of the paper dollar? Would people respond positively to the one dollar coin or would they reject it as they have in the past? The fact is, most people love their paper currency and would rather collect the one dollar coin rather than spend it as currency.
The Silver Dollar
The one dollar coin looks great, but that may be its only good quality. There have been various versions of the dollar coin in the past. There was the silver dollar, which has been around for a long time. Now coveted by coin collectors or melted down for their silver content, the silver dollar coin has become more rare. When you do find a silver one dollar coin, it’s almost as if you’ve found a treasure. You can either save it as part of your collection or you can spend it, as it is worth the same as your one dollar paper notes.
The Sacagawea Dollar
More recently, they have released a gold colored one dollar coin. This coin is called the Sacagawea dollar, named after the famous Native American woman printed on it. This one dollar coin quickly fizzled out, just like the silver dollar, and today it’s very rare to see one in circulation. The Sacagawea, too, is most likely in the hands of collectors. This coin probably didn't gain acceptance for the same reason that the silver dollar coin never caught on. It’s too bulky and it doesn’t fold as the paper currency does. So, will the one dollar coin ever catch on? Maybe, but the government may be going about it the wrong way.
The Presidential Dollar
In 2005, President Bush signed the Presidential $1 Coin Act authorizing the United States Mint to strike $1 coins honoring America’s Presidents in the order in which they served. This coin is similar to the Sacagawea Dollar in size and color. These dollar coins began circulation in 2007 with the George Washington coin. The Presidential coins are seldom seen in circulation for many of the reasons that the Sacagawea Dollar wasn't accepted by the general public.
Europeans Have It Right
When a new coin begins to circulate in Europe, like the one dollar coin, paper currency is removed, and the people don't have a choice. For Americans to begin using the dollar coin, the U.S. government is going to have to take away all other options. People prefer the more convenient, foldable type of dollar, the paper dollar bill, which leaves the dollar coin for the collectors.