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Show Anthony dollar released in banks Five hundred million of the new Anthony An-thony dollars will be available for release on July 2, said Director of the Mint Stella B. Hackel. The new dollar will be distributed by the 37 Federal Reserve Banks to commercial banks, who in turn will distribute them to the business community and to the public. Mrs. Hackel noted that the 500 million coins available for the initial release will provide sufficient coins to the public so that they are readily available. Production and distribution of the coin will continue after release at a rate needed to meet the demand. Promotional materials are being sent directly to national retail and financial associations and major civic and women's groups, requesting their aid in promoting the coin and educating the general public to its many advantages. Each of the Federal Reserve Banks will also be distributing the promotional kits along with attractive posters to local retail and financial institutions. The Director noted that this is a joint effort ef-fort of the Treasury Department and the Federal Reserve System. "We look forward to the wide acceptance and use of the new convenient and economical coin by the American public," she said. "Providing that consumer acceptance accep-tance meets expectations, the new dollar should generate significant savings," sav-ings," she said. The Treasury Department Depart-ment is already saving 60 percent of the cost of minting dollar coins when comparing com-paring production costs of the large Eisenhower dollar to the Anthony dollar. As the coin displaces the need for the dollar note, the Federal Reserve System could achieve dollar savings as high as $50 million a year through reduction of printing, processing and destruction costs for dollar bills. Many of the Federal Reserve Banks are planning media events to coincide with the introduction of the new coin. In addition a June White House ceremony began a series of events planned to celebrate the release of the new coin throughout the nation. In expressing her enthusiasm for the new dollar, the Mint Director added that the widespread acceptance of the new coin will improve the nation's cash system for the benefit of the nation's retail and financial communities as well as the American public. |
