United States Mint and the Army and Air Force Exchange Service Join Forces to Promote $1 Coins

WASHINGTON, July 2 /PRNewswire-USNewswire/ -- The United States Mint and the Army and Air Force Exchange Service (AAFES) are teaming up to encourage regular use of $1 coins in everyday cash transactions at military exchanges. Retailers at Fort Sam Houston, Texas; Fort Huachuca, Arizona; and Fort Carson, Peterson Air Force Base and the Air Force Academy in Colorado have been selected by AAFES to participate in a $1 coin launch initiative to begin on July 4. The goal of the initiative is to expand $1 coin usage to all 1,703 AAFES locations throughout the country. Exchanges are retail stores located on military bases and facilities that serve active duty and retired members of the Armed Forced and their families.

"We are happy to announce that AAFES is embracing the use and distribution of $1 coins," said United States Mint Director Ed Moy. "The benefits of using $1 coins resonate with the military's commitment to sustainability. The coins are 100% recyclable, last for decades and can save the country money."

A Government Accountability Office report in 2002 said that the country could save over $500 million annually with the use of $1 coins.

"AAFES's dual mission is to provide quality goods and merchandise at competitively low prices while generating earnings which provide a dividend to support Morale, Welfare and Recreation programs," said AAFES Assistant Treasurer Jim Jordan. "As such, AAFES's main focus is on improving troops' quality of life through initiatives such as the $1 Coin Program, which not only speeds up transactions, but also is an environmentally-friendly initiative."

The AAFES initiative will encourage their retailers and customers to use the $1 coin regularly. The $1 coin offers people speed and convenience when used at grocery stores, restaurants and movie theaters, or when these coins are dropped into vending machines, parking meters and toll or fare boxes.

The United States Mint produces five different $1 coin designs each year. The Presidential $1 Coin Program honors the Nation's presidents in the order they served. Each year four presidents are depicted on the obverse (heads side) along with a reverse (tails side) featuring the Statue of Liberty. The Native American $1 Coin Program features Sacagawea on the obverse and an annually changing reverse that depicts important contributions to our Nation by Indian tribes and individual Native Americans.

For more information about the United States Mint or the Presidential $1 Coin and Native American $1 Coin Programs, please visit http://www.usmint.gov/$1coin.

The United States Mint, created by Congress in 1792, is the Nation's sole manufacturer of legal tender coinage. Its primary mission is to produce an adequate volume of circulating coinage for the Nation to conduct its trade and commerce. The United States Mint also produces proof, uncirculated, and commemorative coins; Congressional Gold Medals; and silver, gold and platinum bullion coins.

SOURCE United States Mint