WASHINGTON The United States Mint last week announced an initiative being conducted through the Army and Air Force Exchange Service to encourage regular use of $1 coins in everyday cash transactions at military exchanges.
Retailers at Fort Sam Houston, Texas; Fort Huachuca, Ariz.; and Fort Carson, Peterson Air Force Base and the Air Force Academy in Colorado have been selected by AAFES to participate in a $1 coin launch initiative on July 4. The goal of the initiative is to expand $1 coin usage to all 1,703 AAFES locations throughout the country.
"We are happy to announce that AAFES is embracing the use and distribution of $1 coins," stated United States Mint director Ed Moy. "The benefits of using $1 coins resonate with the military's commitment to sustainability. The coins are 100% recyclable, last for decades and can save the country money."
AGovernment Accountability Office report in 2002 said that the country could save more than $500 million annually with the use of $1 coins.
"AAFES's dual mission is to provide quality goods and merchandise at competitively low prices while generating earnings which provide a dividend to support Morale, Welfare and Recreation programs," said AAFES assistant treasurer Jim Jordan. "As such, AAFES's main focus is on improving troops' quality of life through initiatives such as the $1 Coin Program, which not only speeds up transactions, but also is an environmentally-friendly initiative."
The AAFES initiative will encourage their retailers and customers to regularly use the $1 coin.