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$1 coin now in CNMI
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Posted on Mar 16 2000
Bank of Saipan officials yesterday formally presented to CNMI officials the first U.S. golden dollar coins that have arrived on the island.
Tomas B. Aldan, BoS president and chief executive officer, and Maggie Camacho, operations manager, handed the coins to Gov. Pedro P. Tenorio and House Speaker Benigno R. Fitial.
According to Mr. Aldan, the coins were sent to BoS from the mainland the other day and are now in circulation, but supplies are limited so that the bank can’t accommodate large request for this coin at this time.
Being the first bank to have them in the CNMI, BoS will be distributing the first bulk of the coins from all four branches. “It’s limited and we have reserved them to our customers,” said Mr. Aldan.
In late January, a new golden dollar coin was introduced into circulation. The new coin is distinguished by its golden color and smooth edges, and features a portrait of Sacagawea — the Native American woman who helped guide the Lewis and Clark expedition.
It bears the same size and weight as the Susan B. Anthony (SBA) dollar coin issued years ago, according to Ms. Camacho.
On Jan. 26, 2000, the Federal Reserve System began distribution of the new golden dollar. Between Jan. 18 to Feb. 11, financial institutions across the nation placed more than 12,600 orders for a total of $55.5 million.
The mint had shipped 51.4 million of that coin, or more than 90 percent of these orders, to the Federal Reserve System by Feb. 11. BoS, through a special courier, received its initial order this week.
