Is The New U.S. “Golden” Dollar A Rip Off?
How many of you have seen the advertising for the New US Dollar Coin the “Golden” Dollar?
As of the date of writing this article, the US Mint has produced about 500 Million of them. That’s 500 Million as on half a Billion Dollars. And almost none of the coins are hitting the street. The people that have them are for the most part just hoarding them.
Now are you thinking, “ Gee, I’d like to get some of those “Golden” Dollars myself, and put them away for safe keeping”. I have no doubt you are. Hey, by the way do you know how much gold is really in a “Golden” Dollar. I mean after all, the coin is only valued at a buck, and gold is not cheap. So, what’s your guess? 2%? 1%? 0.5%??????
Ready for this?
THE NEW U.S. “GOLDEN” DOLLAR HAS NO GOLD IN IT. NOT A DROP, NADA, ZIP, ZERO, BUBKISS……
Now how many do you want to hold onto?
The “Golden” Dollar is mainly made out of a mix of Magnesium, nickel and Zinc, with a pure copper core... topped off with a manganese brass outer layer. To be precise, the new “Golden Dollar” is 88.5% copper, 6.0% zinc, 3.5 % manganese, and 2.0% nickel, but NO GOLD. It can be used in a Vending machine, as it is the exact size, shape, etc., of a Susan B. Anthony Dollar coin.
For the “Fun” of it, I got my hands on a roll of the new coins. I have been using them for about a week or so. Paying for groceries, stuff like that. Everyone is extremely surprised to see one, or two, etc…. They are also wondering what I did to them. As the coins are not very shinny, and look, well… extremely tarnished. The only thing I did to them was to put them in my pocket. To do that, I had to touch them, and the new coins tarnish extremely easily!
So, is the New Golden Dollar a rip off???? You tell me.
I can tell you that at least one Congressperson thinks it is.
Oh, and just to finish this off, the “Golden Dollar” is really called the Sacagawea Golden Dollar Coin.
For more information, check out these links.
The US Congress Is Asking the Federal Trade Commission to investigate the “New Golden Dollar” and the misleading of the American public by the US Mint:
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Last modified: November 08, 2002