U.S. Mint Marketing to Asian Americans
August 17, 2008
SAN FRANCISCO - “For too long the U.S. Mint has catered to white middle-aged men,” said United States Mint Director Ed Moy during his Aug. 6 visit to the U.S. Mint here. “The U.S. Mint serves all Americans, and we want to make it accessible for everyone, including all ethnicities and women.”
To do that, Moy, the first Chinese American director, and his staff plan to market products to each respective group, with the focus first on Asian Americans.
The U.S. Mint is currently placing ads in Asian ethnic media around the country promoting the 08/08/08 Double Prosperity Set - the newest installment in their U.S. Celebration Series geared specifically for Asian Americans and meant to provide special numismatic products for gift-giving occasions.
The Double Prosperity Set features two uncirculated gold coins, a 24-karat American buffalo and a 22-karat American eagle, each weighing a half-ounce and being sold for $1,228.88. The set includes a certificate of authenticity signed by Moy.
Earlier this year, the U.S. Mint released the American Buffalo Celebration Coin in time for Lunar New Year. Moy said sales for this product exceeded their expectation: 18,000 coins were sold, generating a revenue of $20 million.
For this second set, the U.S. Mint incorporated feedback from the Asian community, many of whom noted that the one-ounce coin was too large to wear as a bracelet or necklace. The new set features half-ounce coins that cater to this request.
Moy was inspired to promote gold coins to the Asian community by his mother. When she learned of his appointment as Mint Director by President George W. Bush, she went to her jewelry box and brought out a solid gold bracelet with 10 gold coins she had received as a wedding present.
“In the Asian community, there is a broad interest in precious metals and gold,” Moy said. “In the past in times of crisis, the fate of banks are uncertain, but the value of gold is reliable. Gold is a symbol of prestige and a portable method of carrying wealth.”
Also providing input for this Asian outreach effort is U.S. Mint Chief of Staff David Kim. Prior to joining the Mint, the Korean American worked for Anheuser-Busch as the director of Asian Marketing and Community Relations.
Last week Moy hosted a press conference in the city to unveil the set. To outreach to ethnic press in the Bay Area, the Mint collaborated with AsianWeek to send out invitations to publications including the Asian Journal, Pinoy Today, Korea Times and World Journal.
Comments
Got something to say?