RCC/Hey, was that important?

Hey, was that important?

by Paul Landsberg

As a history buff as well being part of frenetically changing times of the 20th and 21st century, I'm often struck by how hard it is to truly identity an event as "defining" when you are living it. Of course if I were a nationally televised pundit I would be able to identify and wax eloquently about any and all "defining" events (grin). Numismatically speaking, was the smashing success of the initial distribution of Sacajawea dollars via Wal-Mart a defining event or, to paraphrase, "Hey, was that important?"

Successful businesses and organizations have a keen awareness of their potential "channels" (how they deliver product to market). Traditionally banks have been the sole channel for the U.S. Mint to deliver U.S. circulating coinage (product) to market. This relationship is mutually beneficial whereby the U.S. Mint, who has a monopoly over the minting of legal tender coinage, distributes their products (U.S. coinage) through a fairly heavily regulated banking system.

I am far from being an expert in banking history, financial systems or whatnot, but I do recognize that the banking industry is under enormous pressures to change. With the explosive growth of financial services companies (mutual fluids, equities, etc.), specialization in insurance, credit unions, Internet based banks/bill paying services, banks are facing fierce competition for their customers. Moreover, it isn't clear if distribution of coinage is truly profitable for banks. The recent successful teamwork between Wal-Mart and the U.S. mint may be providing even more pressure.

Clearly the U.S. Mint has recognized that it must behave more like a business than a monopoly in order to maintain customer satisfaction. I would guess that the U.S. Mint recognized how successful the experiment in distributing new coinage via a nationwide retailer with enormous consumer contact. Does this potentially bode for changes to the way coinage is introduced into American commerce? Stay tuned!!

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