National park quarters hard to find; blame the slow economy
Jim_Higgins
next-Toe Nails of America or Privies of America.
National park quarters hard to find; blame the slow economy
http://www.usatoday.com/money/economy/2010-10-07-quarter07_ST_N.htm
When the Arizona state quarter was issued two years ago, Carolina Butler
of Scottsdale, Ariz., gave rolls of the quarters to her children,
grandchildren — even her plumber.
So Butler was delighted to learn that Congress had authorized the U.S.
Mint to issue coins honoring 56 national parks, including the Grand
Canyon. "A roll of quarters costs $10," she says. "They make the best
gifts."
Since April, the Mint has introduced quarters commemorating Hot Springs,
Yellowstone, Yosemite and Grand Canyon national parks. But while the
Grand Canyon quarter was released last month, Butler has been unable to
find a single Grand Canyon coin. Her bank, Wells Fargo, told her it
hasn't received any of the quarters. It seems the economic downturn is
to blame.
During recessions, cash-strapped consumers raid their piggy banks and
other sources of loose change, says Beth Deisher, editor of Coin World
magazine. That puts more old quarters into the system, reducing demand
for new ones.
That certainly appears to be what's happening now. As of August, the
Federal Reserve had 3.2 billion quarters in inventory, which is
sufficient to meet estimated demand for the next four years. "The Fed is
holding a whole lot of inventory, and banks aren't demanding it," says
Mint spokesman Michael White.
By contrast, the 50 State Quarters Program, which lasted from 1999
through 2008, was a huge numismatic success. By the end of the program,
an estimated 147 million people had collected state quarters, says Mint
spokesman Gordon Hume.
The dearth of national park quarters is "very frustrating, especially
for collectors, because they can't get the coins at their local bank,"
Deisher says. "It's really a shame because the whole idea is a
circulating commemorative that you could get at face value."
Collectors who don't want to wait until the Fed reduces its inventory
can buy national park quarters from the Mint, but they'll have to pay
more than face value. A two-roll set of 80 Grand Canyon National Park
quarters costs $32.95, according to the Mint's website.
That's more than Butler is willing to pay. "I'm not a collector," she
says. "I'm just a grandma."
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