The series launched in 2007 with coins honoring George Washington, John Adams, Thomas Jefferson, and James Madison. The series concluded in 2016 with coins issued to honor Richard M. Nixon, Gerald R. Ford, and Ronald Reagan. One concluding coin was added to the series in 2020 to honor George H.W. Bush .
From 2007 to 2011, the coins were struck and released for general circulation. however, in late 2011 the Treasury Department made the decision to suspend production for circulation due to a excess of $ 1 coins held in storage. From 2012 forth, Presidential Dollars have been struck only in the amount necessity to meet requirement from collectors. In addition to circulation strikes, the coins have besides been struck in other finishes and included within assorted numismatic products offered by the United States Mint .
The Presidential Dollar Coin Act
The program was authorized under The Presidential $ 1 Coin Act ( public Law 109-145 ), which was signed by President George W. Bush on December 15, 2005. The Act provided for the redesign and issue of $ 1 coins honoring the former Presidents of the United States during the time period beginning January 1, 2007. According to the legislation, the newly series would seek to revitalize the plan of United States neologism and return it to its position as an object of aesthetic beauty.
The Act included measures to ensure an adequate supply of the coins are available for circulation. The Federal Reserve Banks would be required to have uncompounded quantities of the coins available to fiscal institutions during an basic period for each coin release. The Director of the United States Mint was required to increase public awareness of the raw dollar coins through respective activities and programs. These measures helped build a surveil for the series with collectors, although ultimately the appellation had trouble gaining grip in circulation. A stock of coins would build up in Treasury vaults leading to the eventual decision to scale back production well .
Provisions were besides included in the Act to honor the First Spouses of the United States within a offprint mint series. The US Mint was authorized to mint and issue one-half ounce 24 karat First Spouse Gold Coins. These coins would be released in junction with the Presidential Dollars and sold immediately by the US Mint .
Presidential Dollar Coin Designs
The obverse blueprint of each Presidential Dollar features the likeness and name of the President being honored. extra inscriptions indicate order of the Presidency and the years served. From 2009 forth, the motto “ In God We Trust ” besides appears on the obverse.
The reverse of each coin features a dramatic rendition of the Statue of Liberty, extending from the brim. The necessitate inscriptions include “ United States of America ” and the appellation expressed as “ $ 1 ”. The discussion “ Liberty, ” which appears on all other circulating United States neologism was specifically not required to appear within the inscriptions. The legislation indicated that the Statue of Liberty would adequately portray the concept of Liberty .
The designer of the obverse has varied throughout the series. The rearward was designed by US Mint Sculptor-Engraver Don Everhart.
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Another specification within the act was the practice of edge-incused inscriptions. By including certain items on the edge of the coin, more room would be available on the faces of the coin for larger and more dramatic artwork. The edge inscriptions include the date, mint scratch, and motto “ E Pluribus Unum. ” For Presidential Dollars released during 2007 and 2008, the motto “ In God We Trust ” besides appears on the edge .
Release Dates and Mintages
The presidential Dollars were issued at a rate of four different designs per year from 2007 to 2015, with three designs issued in 2016, and one final mint added to the series in 2020. The decree of issue followed the arrange of the Presidencies. If a President served in two or more consecutive terms, only one coin was issued. however, if a President served in two nonconsecutive periods of service, a coin was issued for each period. Under the provisions of the Act, coins were lone issued for Presidents who had been deceased for at least two years .
coinage levels showed a general decay throughout the course of the series. For the first class of consequence, closely one billion coins were produced for circulation across four unlike designs and two mint facilities. As the coins failed to achieve widespread usage, mintage levels fell for subsequent years, although the coins continued to be issued through the channels of circulation. When a significant buildup of dollar coins in storehouse started to become an issue, the Secretary of the Treasury used his authority to curtail production far. From 2012 onwards, the coins were only struck in the minimum quantities necessary to meet demand from collectors .