The 2022 Rhode Island Innovation dollar displays the famous 1891 Resilience yacht that features technical innovations sailing on the water. This is the 4th coin released in Mint’s American Innovation $1 Coin Program starting in 2018.
Due to the high demand for the 2022 Rhode Island Innovation dollar, the U.S. Mint absorbed all of the bureau’s inventory of estimated overall production. Unfortunately, this demand was so high that they could not offer ballistic bags that weighed 2,500 pounds and contained 140,000 coins from getting sold. As a result, buyers that wanted to make these large purchases could only buy 100-coin bags and 25-coin bags.
High Demand for American Innovation Dollars
Collectors could purchase the Rhode Island innovation dollar through individual online sales or Mint’s enrollment program. However, U.S. Mint pushes sales through their enrollment option to afford them to schedule the necessary production demands at their facilities.
Mint officials established their projected production figures months ago and believed they were close to meeting sales demand with the necessary modifications based on material supplies.
As of February 23rd, the U.S. Mint offered 25-coin rolls and 100-coin bags of circulation-quality Rhode Island dollars from Philadelphia Mint and Denver Mint. Rolls sold for $34.50 each and bags for $117.50. According to Michael White, Mint’s spokesperson, combined sales were 899,800 of Rhode Island dollars:
- 449,875 coins Philidephia Mint
- 449,925 coins from Denver Mint
The sales from each facility include 276,200 coins contained in 2,762 of the 100-coin bags. Philadelphia’s roll sales total 6,947, which totals 173,675 coins, and Denver’s roll sales total 6,949, which totals 173,725 coins.
The Federal Reserve doesn’t release the American Innovation dollars into circulation. The Treasury Secretary at the time, Timothy F. Geithner, suspended the release of dollar coins from the U.S. Mint on December 13th, 2011. He did this because there were filled storage vaults with 1.3 billion Presidential and Sacagawea dollars at the Federal Reserve.
The 2011 James A. Garfield Presidential dollars was the final dollar coins struck into commercial channels.
In the last 1½ to 2 years, the U.S. Mint has dealt with ongoing supply chain problems. Their main issue is obtaining enough metals to manufacture the multi-ton coinage roll rolls, forming blanks into planchets for six denominations.
Planchets and coinage production begins shortly after receiving the materials. However, U.S. Mint officials indicate they have no excess coinage strip rolls at their respective facilities.
About Ricks Innovation Dollars LLC
The 2022 Quarters Program will honor American women for their inspiring achievements that helped further our great nation. Here at Ricks Innovation Dollars LLC, an authorized NGC Dealer, we specialize in NGC Certified American Women Quarters and American Innovation Dollars in Business Strike and Ultra Cameo Proof in high-grade registry quality. Click Here to visit the eBay store, where you can find these coins.