PHILADELPHIA, Pa. -- The sale of snack foods, particularly those dispensed in vending machines, are expected to receive a major boost once nationwide exchange of the new $1 gold coin becomes commonplace.
Philip Diehl, director of the U.S. Mint, and Tom McMahon, of the National Automatic Merchandising Association, led a panel discussion, called "The Golden Dollar, Your Bottom Line," during the SNAXPO 2000 trade show, held here recently.
According to McMahon, the new coin will "increase all vending machine sales by at least 10%," and will also reduce service calls to fill coin changers and clear jammed bill problems.
"This coin will solve a lot of my industry's problems," McMahon said.
Benefits to the snack food industry as a whole include faster vending and retail snack sales due to a shortening in transaction time, and a reduction in cash handling costs. Heavy advertising campaigns are expected to drive usage and demand, and the U.S. Mint is providing all retailers with "wrapped" rolls to speed distribution to businesses, Diehl said.
The new $1 gold coin features the likeness of Sacagewea. Introduction of the coin began in late January through Wal-Mart stores, when 100 million coins were distributed. National tie-in promotions include placing the coin in specially marked boxes of Cheerios cereal.