Bay State bankers report a low demand for the new golden dollar, but a $40 million advertising campaign launched by the U.S. Mint last week aims to change that.

The coin bearing the image of Sacagawea will replace the Susan B. Anthony dollar, which was easily confused with a quarter. The poor reception of the Susan B. Anthony dollar earned it the nickname the “Edsel” of American coinage.

To prevent a similar debacle, the Mint developed a campaign in which George Washington promotes the coin as convenient for toll plazas, vending machines or tipping. The campaign includes print ads in People magazine and Sports Illustrated, as well as radio and TV spots, and ads on the Internet and on transit systems. The TV spots were shot by Director Bob Giraldi, who won a Clio award for the Johnson & Johnson’s “Stuck on Band Aid” campaign, and directed the Will Smith video “Just the Two of Us.”

The target market for the campaign, paid solely out of the Mint’s earned revenues, is urban and suburban-dwelling adults aged 18 to 49.

The Mint has also produced promotional materials for financial institutions, including color posters, brochures and static cling signs that affix to glass surfaces.

“The Mint has doubled the gold dollar production to 5 million a day and expects to ship 1 billion coins by year’s end,” said U.S. Mint public affairs specialist Jennifer Arnold. “The Susan B. Anthony required 21 years to reach the milestone of 900 million coins.”

The Federal Reserve began sending the coins to financial institutions in late January. Because of unexpected demand, community banks, credit unions and savings and loans had difficulty receiving the coins. Some institutions created waiting lists for the golden dollar, and the U.S. Mint began sending shipments of 1,000 or 2,000 coins directly to institutions in late February. The Mint will take orders through its Web site until March 31. By the end of this month 350 million golden dollars will be in circulation.

Wal-Mart and Sam’s Clubs distributed millions of the coins to customers with their change, but by early March Wal-Mart stores in Hudson, Northborough and Quincy had run out of their supplies. Lucky consumers could find the coins at their grocery store, where random Cheerios boxes include the coin.

Boston Private Bank & Trust Co. received its first shipment of the coins last week, but many Bay State banks are still awaiting shipment of the coins to their branches.

Others that have received shipments said they have had few customers asking for the golden dollar.

In Dalton, where Crane & Co. produces paper used for paper currency, banks reported little demand for the new coin. Worcester-based First Massachusetts Bank received its shipment late because of the backlog. Dalton Branch Manager Joe Lotano said some depositors have asked for the new coin, but not enough to warrant reordering a supply.

“Nobody has specifically said that they don’t like them, that they won’t order them because of the paper dollar,” Lotano said. “We did have some information in the branch in case anybody asked questions about the dollar. Occasionally somebody will say ‘look at that.'”

Pittsfield Co-operative Bank obtained 100 of the coins for each of its four branches, and tellers ration the coins five to a customer. Only a few customers interested in coin collecting have asked for the golden dollar at the bank’s Dalton branch, bank officials said.

“We are having trouble ordering it, but on the other hand we aren’t having much demand for it,” said Vice President of Retail Banking Richard W. Boudreau.

Customers at Pittsfield Co-operative seem indifferent to the new coin. The shiny gold surface makes the coin attractive, but it tarnishes quickly, he said.

“It’s really no different than the Susan B.,” Boudreau said. “It’s just a different color. I don’t think they really want to be carrying a whole lot of dollar coins in their pocket.”

A Novelty
The coin pictures Sacagawea, the Shoshone Indian who led Lewis and Clark on their North American expedition in 1804. She carries her infant son Jean Baptiste on her back. The golden dollar has a smooth edge and a wide border to differentiate it from other coins, and will work in vending machines that take the Susan B. Anthony dollar.

Market research conducted by the U.S. Mint tells a different story from that of local banks. Sixty-five percent of adults said they expect to spend and receive the coin in retail transactions. More than half, or 55 percent, said they expect to be able to receive the coin from local banks. About one-third, or 30 percent, said they prefer the dollar coin to paper dollar bills.

But many customers view the coin as a novelty instead of a necessity, and hold on to the coins instead of spending them at the corner store. Wellesley Co-operative Bank President Francis J. Shea Jr. said his bank placed a second order for the coins, but the bank has not received requests from local stores for the coins.

Consumers have embraced the golden dollar more than they did the Susan B. Anthony dollar, but Shea attributes that to the coin’s shiny gold surface made of manganese brass.

“Whether it was designed to be a collector’s piece or not, that’s basically what it’s becoming,” said Shea, who serves as chairman of the Community Bank League of New England. “Here we are pushing a cashless society, and in a way the last thing you want to think about is carrying around more change.”