By: Deborah Johnson Wood
Grand Rapids Mayor George Heartwell recently proclaimed November as $1 Coin Month. Grand Rapids is one of four cities nationwide selected to pilot a United States Mint program encouraging citizens to use the $1 Presidential Coin in lieu of dollar bills.
If the coin becomes part of daily commerce, it could save the United States billions of dollars.
“Bills cost four cents to produce and last about 18 months,” says Greg Hernandez, U.S. Mint. “Then they have to be shredded and put in landfills. The coins cost 20 cents each, but they last 30 to 40 years and can be melted down and made into new coins.”
“For the past five years, we’ve been organizing our work at city hall around the triple bottom line,” says Mayor Heartwell. “Is it good for the planet? Is it good for people? Is it good for profitability? The coin meets all three tests.”
Certain parking meters in the core city now accept the coins, and 250 businesses throughout Greater Grand Rapids are participating in the pilot.
“You can’t put a dollar bill in the parking meters,” says Jason Wheeler of Grand Central Market. “People come in all the time to break bills for change, and we give them the dollar coin instead of four quarters. Plus, there’s less margin of error because the coins don’t stick together like bills do.”
Hernandez says the Mint will evaluate the pilot’s success and decide whether or not to roll it out to the rest of the country.
Through November 22 a money-exchanging truck from the Real Change Exchange Tour is scheduled at locations around Greater Grand Rapids. People can exchange bills for coins, see a video and get U.S. Mint promotional items.
The locations are:
November 20: United Bank, Rockford (morning); Grist Mill Restaurant, Cannonsburg (afternoon).
November 21: Standard Kitchens, 1420 Kalamazoo, Grand Rapids (morning); Byron Family Restaurant, Byron Center (afternoon).
November 22: Maggie Moo’s, 6155 Kalamazoo, Kentwood (morning).
Source: Greg Hernandez, United States Mint; Mayor George Heartwell, City of Grand Rapids; Jason Wheeler, Grand Central Market
Deborah Johnson Wood is development news editor for Rapid Growth Media. She can be contacted at [email protected].
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