"And you shall make a cover of pure gold" (Exodus 25:17). Rabbi Yudan ben Pazi in the name of Rabbi: "Yes" is read but not destroyed. "Every willing-hearted person" (Exodus 25:2) is not bad. "And all the people broke off [their gold]" (Exodus 32:3) is not good. "Then Moses sang" (Exodus 15:1) is not bad. "And you all approached me" (Deuteronomy 1:22) is not good. "And Moses brought the people out to meet [God]" (Exodus 19:17) is not bad. "And the whole congregation lifted up and gave forth their voice" (Numbers 14:1) is not good. Rabbi Hiyya said: not in this case alone; "surely they rose early and acted corruptly" (Zephaniah 3:7), and every corruption they committed they did with early rising. Rabbi Aha bar Abba said: you cannot make sense of the character of this nation. They are asked for gold for the calf and they give; they are asked for the Tabernacle and they give. Rabbi Yose bar Hanina taught: "And you shall make a cover of pure gold": let the gold of the cover come and atone for the gold of the calf.
The Gold of the Cover Atones for the Gold of the Calf
Yalkut Shimoni on Torah 368:3
וְעָשִׂיתָ כַפֹּרֶת זָהָב טָהוֹר ר"י בֶּן פַּזִּי בְּשֵׁם רַבִּי, הֵן נִקְרָא וְלֹא נִבָּעֵת, כָּל נְדִיב לֵב, לֹא רָעָה, (שמות לב, ג) "וַיִּתְפַּרֲקוּן כָּל הָעָם", לֹא טוֹבָה, "אָז יָשִׁיר מֹשֶׁה", לֹא רָעָה, (דברים א, כב) "וַתִּקְרְבוּן אֵלַי כֻּלְּכֶם", לֹא טוֹבָה, "וַיּוֹצֵא מֹשֶׁה אֶת הָעָם לִקְרַאת", לֹא רָעָה, (במדבר יד, א) "וַתִּשָּׂא כָּל הָעֵדָה וַיִּתְּנוּ אֶת קוֹלָם", לֹא טוֹבָה. אָמַר רַבִּי חִיָּא, לֹא בָּזֶה ["אָכֵן] הִשְׁכִּימוּ הִשְׁחִיתוּ", וְכָל הַשְׁחָתָה בְּהַשְׁכָּמָה הָיוּ עוֹשִׂין אוֹתָהּ. אָמַר רַבִּי אָחָא בַּר אַבָּא, אֵין אַתָּה יָכוֹל לַעֲמֹד עַל אוֹפְיָא שֶׁל אֻמָּה זוֹ, נִתְבָּעִין לָעֵגֶל וְנוֹתְנִין, נִתְבָּעִין לַמִּשְׁכָּן וְנוֹתְנִין. תָּנִי רַבִּי יוֹסֵי בַּר חֲנִינָא, וְעָשִׂית כַפֹּרֶת זָהָב טָהוֹר, יָבוֹא זְהָבוֹ שֶׁל כַּפֹּרֶת וִיכַפֵּר עַל זְהָבוֹ שֶׁל עֵגֶל.