US Coins

Banks ordering Alaska dollars from Mint must meet standards

Banks and financial institutions in Alaska are confused about how to order circulation quality 2020 Native American dollars at face value that they can put into circulation.

Images courtesy of the United States Mint

Mint officials are reminding Alaska banks and other financial institutions that circulation-quality examples of the 2020 Native American dollar are available at face value, but only when purchased in specific quantities. At least one Alaska bank was seeking smaller quantities, which requires that they pay the standard premiums for the coins.

The reverse of the coins bears a design recognizing the contributions of Alaskan civil rights activist Elizabeth Peratrovich. Special arrangements have been made for the Mint to provide the coins at face value when ordered in specific minimum quantities.

No American Innovation dollars have been released into general circulation, although struck in circulation quality.

Here’s the latest from the Mint’s Office of Corporate Communications:

“Any bank interested in purchasing the coins at face value must contact the Bulk Team at Banks are sent the request form after they have sent an email to the Bulk Team requesting to be part of the program. We currently have one Credit Union in the program.

“Each participating Alaska financial institution (e.g., bank or credit union) must purchase at least 1000 coins (four boxes containing 250 coins each) to receive the coins at face value, without a numismatic premium charged, normally $289.75 per box of 250 coins.

“There is a daily limit of four boxes to control shipping costs for this program. There are no maximum purchase limits.

“Alaska financial institutions may purchase fewer coins, but only at the Mint’s standard numismatic prices ($34.50 for a roll of $25 coins; $117.50 for a bag of 100 coins; and $289.75 for a box of 250 coins).

“Although the coins will be provided at face value without the numismatic premium, standard shipping charges will still apply. Circulating coins have carrying costs to financial institutions as well.”

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