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Morning News

Gallup Poll: Americans Hoarding New Gold Dollar Coin

Aired July 27, 2000 - 11:53 a.m. ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

DARYN KAGAN, CNN ANCHOR: If you've checked in your pockets, there is a new dollar coin. It appears to be very popular with Americans. Many of the coins, though, are not being spent. They are being hoarded.

And our Gallup Poll is out with a survey on the coin and why.

And our editor in chief, Frank Newport.

Frank, you have one of those in your pocket?

FRANK NEWPORT, GALLUP POLL EDITOR IN CHIEF: I do not. I was about to say, I have not received one, I have not seen one, although...

KAGAN: We have one here. It's at the end of the desk. No one brought it actually to me. So while you're showing us the new numbers, I'll walk over there and get the new coin so we can show it to you.

NEWPORT: Good, I'd like to see one. I've not -- I've seen pictures of them, Daryn, but -- from the U.S. Mint Web site and so forth, but I've actually not held one in my hands itself.

The public's fascinated with these. Remember, the Mint spent over $40 million advertising this new dollar coin because of the failure of the Susan B. Anthony coin. They're really enthused that the American public grabs onto this and actually starts using it. Apparently the public likes it, as we'll show you, but they're not spending a lot of them because they're fascinated by hoarding them.

Let's look here and see how many Americans have actually told us that they've received them: 54 percent -- and I'm one of those -- say they've not gotten one of them. So that's about 46 percent have gotten them: 10 percent one, and then about 34 percent have gotten two or more of the coins. A little more likely to have gotten them if you live in a rural area or if you're in the middle of the country rather than on the East, where we are, or on the West Coast.

But here's the interesting number, Daryn. Of those who got a coin, we said, what did you do with it? Look at that: 81 percent of those who've received the coins have been saving them not spending them. Only 19 percent are putting them back out into circulation. So I guess that's good. I'm not sure whether the Mint thinks that's good or bad, but people apparently very fascinated by them.

If fact, for those who have gotten two or more coins, we said, all right, now what have you done with them? And even those who have gotten multiple coins, you've got two-thirds of them who are saving more than one of them. So all in all, Daryn, what we're finding is that the public really likes these things but they're putting them in their shoe box rather than using them as the Mint hopes, ultimately, they will as kind of normal currency.

KAGAN: OK, Frank, I have one here for you to show you. I'm holding it up. There it is.

NEWPORT: That's Sacagawea on the front there.

KAGAN: Yes, there she is.

NEWPORT: Very good.

KAGAN: Kind of goldish in color, almost looks like a quarter. But speaking of quarters, there are also some new fancy quarters out there as well, aren't there?

NEWPORT: Yes. We didn't ask the American public about the new fancy quarters...

KAGAN: Oh, you did not?

NEWPORT: ... so all I can say is, I'll take your word on that, Daryn, OK?

KAGAN: OK, Frank Newport.

And I'm supposed to mention the ink marks on my pen -- on my finger. It's been kind of a rough morning up here. I wear those ink marks with pride.

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