An old proverb warns that all that glitters is not gold. But if something glitters at first, then stops, that might be an even stronger hint.
Such is the case with the newly issued $1 U.S. coin, which depicts the Native American explorer Sacagawea. Consumers and coin experts across the country are noticing something unexpected with the new golden-colored pieces: They are easily taking on fingerprints and blemishes ranging from a whitish buff to a brown tarnish.In other words, the coins look like a million bucks at first, but quickly start looking like regular old pocket change. Most people didn't expect this to happen with a coin that looks like gold.
Even a U.S. senator has noticed. "It does tarnish quickly," says Sen. Phil Gramm (R., Texas), chairman of the Senate Banking Committee and a former coin collector in his youth. Still, the senator says that "the gold color is an improvement" over the criticized quarter-like Susan B. Anthony dollar, which looks silver.
U.S. Mint officials acknowledge that the discolorations are happening, but say they were expecting them all along. After all, the coin isn't made of actual gold, of course, despite its Golden Dollar nickname used in the Mint's multimillion-dollar marketing campaign. It's a blend of copper, brass and the obscure metal manganese, and Mint officials primarily blame the manganese, which is used in small amounts to help give the piece its golden hue.
"Coins should definitely not be wearing this fast," complains James Taylor, vice president of Independent Coin Grading, which appraises collectible coins. But part of the reason people have noticed is that "these coins are new and people are scrutinizing them more."
Indeed, the beautiful coin has drawn rave reviews; the color and smooth edges give it a distinct appearance. Because of consumer demand, the Mint has already issued more than 500 million of the new coins and estimates that one billion will be in circulation by year's end.
The question is how the Sacagawea dollar "burnishes," in the Mint's parlance. "Although it's a different metal, you're talking about a process that's not much different than the penny," said acting Mint Director John Mitchell. The discoloring "will happen more quickly than with the penny, though. It adds something of an antique finish."
In a recent interview with the hobby magazine Coin World, Mr. Mitchell's predecessor as Mint director, Philip N. Diehl, called manganese chemically "unpredictable," saying that even in newly minted coins, it could result in variations.
Mr. Taylor says the coin wears easily at its high points, such as Sacagawea's nose or the raised edges. Other users say the coins take on a certain "patina," in which the raised likenesses on the coin lighten, and the background tarnishes, creating a contrast making the images seem more three-dimensional.
Maybe Americans have just gotten too used to change that doesn't change. James C. Benfield, executive director of the Coin Coalition, a lobbying group that advocates the use of dollar coins, said Americans are surprised by the Sacagawea dollar's burnishing, because they have been "spoiled" by the copper-nickel compound that makes up most U.S. coinage.
Meanwhile, all those ungolden nickels, dimes and other coins may be in for a redesign. Sen. Gramm wants to begin congressional hearings, possibly by next year, on a complete overhaul of U.S. coinage. During a recent meeting of the banking committee, Sen. Gramm made a highly technical reference to overall U.S. coin design: It's "crummy."
Via Associated Press