Presidential dollar coins ( authorized by Pub.L. 109–145 ( textbook ) ( PDF ), 119 Stat. 2664, enacted December 22, 2005 ) are a series of United States dollar coins with engravings of easing portraits of U.S. presidents on the obverse and the Statue of Liberty on the revoke. From 2007 to 2011, Presidential dollar coins were minted for circulation in large numbers, resulting in a large stockpile of unused $ 1 coins. From 2012 to 2016, new coins in the series were minted only for collectors. [ 1 ] A raw coin was released on December 4, 2020, to honor George H. W. Bush, who died after the original program ended. [ 2 ] [ 3 ]
legislative history [edit ]
S. 1047, the Presidential $ 1 Coin Act of 2005, was introduced on May 17, 2005, by Senator John E. Sununu with over 70 co-sponsors. It was reported favorably out of the U.S. Senate Committee on Banking, Housing, and Urban Affairs without amendment on July 29, 2005. The Senate passed it with a technical amendment ( S.Amdt. 2676 ), by solid accept on November 18, 2005. The House of Representatives passed it ( 291-113 ) [ 4 ] on December 13, 2005 ( a alike bill, H.R. 902, had previously passed in the House, but it was the Senate circular which was passed by both chambers ). The enroll bill was presented to president George W. Bush on December 15, 2005, and he signed it into law on December 22, 2005. [ 5 ]
program details [edit ]
The program began on January 1, 2007, and like the 50 State quarters program, was not scheduled to end until every eligible subject was honored. The broadcast was to issue coins featuring each of four presidents per year on the obverse, issuing one for three months before moving on to the adjacent president in chronological order by term in agency. To be eligible, a president must have been deceased for at least two years prior to the time of minting. [ 6 ] The United States Mint called it the Presidential $ 1 Coin Program. [ 7 ] The rearward of the coins bears the Statue of Liberty, the inscription “ $ 1 ” and the inscription “ United States of America ”. Inscribed along the edge of the coin is the year of minting or issue of the coin, the mint mark, 13 stars, and besides the legend E Pluribus Unum in the take after arrangement : ★★★★★★★★★★ 2009 D ★★★ E PLURIBUS UNUM ; before 2009, In God We Trust was besides separate of the edge letter. The legend “ Liberty “ is absent from the mint wholly, since the decisiveness was made that the image of the Statue of Liberty on the reverse of the mint was sufficient to convey the message of autonomy. The text of the act does not specify the coloring material of the coins, but per the U.S. Mint “ the specifications will be identical to those used for the current Golden dollar ”. [ 8 ] The George Washington $ 1 mint was first available to the public on February 15, 2007, in honor of Presidents ‘ Day, which was observed on February 19. This marked the beginning time since the St. Gaudens Double Eagle ( 1907–1933 ) that the United States had issued a mint with border lettering for circulation. Edge-lettered coins date back to the 1790s. The process was started to discourage the paring of gold coin edges, a practice which was used to cheat payees. In December 2007, Congress passed H.R. 2764, moving “ In God We Trust ” to either the obverse or reverse of the coins. [ 9 ] This is the same bill that created a program that included quarters for Washington, D.C., Puerto Rico, Northern Mariana Islands, Guam, the U.S. Virgin Islands, and American Samoa. The act had been introduced because of the failure of the Sacagawea $ 1 coin to gain far-flung circulation in the United States. The act sympathized with the motivation of the nation ‘s private sector for a $ 1 coin, and expected that the appeal of changing the design would increase the public demand for new coins ( as the populace broadly responded well to the State Quarter broadcast ). The plan was besides intended to help educate the public about the nation ‘s presidents and their history. In font the coins did not catch on with the general public, then the Mint hoped that collectors would be as matter to in the dollars as they were with the State Quarters, which generated about $ 6.3 billion in seigniorage ( i.e., the remainder between the face measure of the coins and the cost to produce them ) between January 1999 and December 2008. [ 10 ]
Stack showing edge letter Unlike the State Quarter program and the Westward Journey nickel serial, which suspended the issue of the current design during those programs, the act directed the Mint to continue to issue Sacagawea dollar coins during the Presidential series. The law states that at least one in three issue dollars must be a Sacagawea dollar. furthermore, the Sacagawea invention is required to continue after the presidential Coin program ends. These requirements were added at the behest of the North Dakota congressional deputation to ensure that Sacagawea, whom North Dakotans consider to be one of their own, ultimately remains on the dollar coin. however, Federal Reserve officials indicated to Congress that “ if the Presidential $ 1 Coin Program does not stimulate substantial transactional demand for dollar coins, the necessity that the Mint however produce Sacagawea dollars would result in costs to the taxpayer without any offsetting benefits. ” In that event, the Federal Reserve indicated that it would “ powerfully recommend that Congress reassess the one-third requirement. ” [ 11 ] The one-third prerequisite was later changed to one-fifth by the native american $ 1 Coin Act, [ 12 ] passed on September 20, 2007. previous versions of the act called for removing from circulation dollar coins issued before the Sacagawea dollar, most notably the Susan B. Anthony dollar, but the version of the act which became jurisprudence merely directs the Secretary of the Treasury to study the matter and reputation bet on to Congress. The act required federal government agencies ( including the United States Postal Service ), businesses operating on federal property, and federally fund transit systems to accept and dispense dollar coins by January 2008, and to post signs indicating that they do so. [ 13 ]
Minting errors [edit ]
On March 8, 2007, the United States Mint announced, that on February 15, 2007, an stranger phone number of George Washington Presidential $ 1 coins were released into circulation without their edge inscriptions ( the U.S. motto, “ In God We Trust ” and “ E pluribus unum “, the coin ‘s mint mark, and its year of issue ; i.e. E PLURIBUS UNUM • IN GOD WE TRUST • 2007 x ( where ten is either P or D ) ). Ron Guth, of the Professional Coin Grading Service, estimated at least 50,000 coins were released without the edge inscriptions. The first such coin discovered was sold on eBay for $ 600, while belated coins were selling for $ 40–60, as of deep March 2007. [ 14 ] [ 15 ] Because one of the inscriptions missing from the coins is the motto “ In God we trust ”, some articles on the subject have referred to them as “ Godless dollars ”. [ 16 ] Fake “ Godless dollars ” have been produced with the edge lettering filed off. [ 17 ] besides, John Adams Presidential dollars have been discovered with plain edges. They are fewer in quantity than George Washington plain-edge dollars, making them rarer, therefore more expensive. A more frequently encountered edge lettering error for the John Adams dollar is a coin with double edge inscription. This erroneousness occurs when a coin passes through the boundary lettering machine twice. [ 18 ] Most examples of the doubled-edge-letter John Adams dollar are from the Philadelphia Mint ( Denver Mint issues are relatively scarce ). They are seen in two varieties : 1 ) with both edge lettering inscriptions reading in the like direction, called “ overlap ”, and 2 ) with the two inscriptions running in face-to-face directions—i.e., inverted or inverted proportional to one another—called “ invert ”. In early March 2007, a Colorado couple found a dollar mint which had not been struck with a die pair ( missing the portrait of the president of the united states and the Statue of Liberty ), but with edge lettering on the otherwise-blank planchet. [ 19 ] Some of the coins have the words on the rim hit top gloomy ( president of the united states face up ). These are not mint errors, but rather a variation created by the mint process. such inverted coins have been sold on auction websites like eBay and Amazon for greater than their face prize, though they represent approximately 50 % of the mint population. [ 20 ]
Stockpile and suspension of production [edit ]
A graph showing mintages of issues minted from 2007 to 2011 By 2011, 1.4 billion uncirculated $ 1 coins were stockpiled, [ 21 ] which, if laid flat, could reach from Los Angeles to Chicago. By 2016, this number might have reached two billion if the mint had continued unchanged. [ 22 ] Rep. Jackie Speier of California circulated a “ Dear Colleague ” letter recommending that the U.S. not produce any dollar coins. She was planning to introduce legislation calling for the immediate stem of all dollar mint programs. [ 23 ] The United States Government Accountability Office has stated that discontinuing the dollar bill in favor of the dollar coin would save the U.S. government about $ 5.5 billion over 30 years. [ 24 ] On December 13, 2011, Vice President Joe Biden and Treasury Secretary Timothy Geithner announced that the mint of Presidential $ 1 coins for circulation would be suspended. [ 21 ] Future entries in the course of study, beginning with those of Chester A. Arthur, would be issued in reduce quantities, entirely for collectors. [ 25 ]
The platform ‘s end and good continuation [edit ]
The act specifies that for a former president to be honored, they must have been deceased for at least two years before issue. [ 26 ] [ 27 ] Hence, early presidents, George H. W. Bush, Jimmy Carter, Bill Clinton, George W. Bush, and then-current president of the united states Barack Obama were ineligible to have a dollar coin issued in their honor when the series ended in 2016, after honoring Ronald Reagan, the last president who was eligible. Since the program has terminated, producing coins for those presidents not yet honored would require another Act of Congress. [ 28 ] On February 12, 2019, Senator John Cornyn introduced a charge to authorize a presidential dollar honoring George H. W. Bush and an accompanying First Spouse amber coin for Barbara Bush, [ 2 ] which was signed into law by President Donald Trump on January 28, 2020. [ 29 ]
Coin details [edit ]
dollar coins were issued bearing the likenesses of presidents, as follows : [ 30 ]
first Spouse program [edit ]
The United States has honored the spouses of each of the presidents honored by the Presidential $ 1 Coin Act by issuing half-ounce $ 10 aureate coins featuring their images, in the order they served as first spouse, beginning in 2007. To date, all first spouses have been women ( frequently called first ladies ), but the jurisprudence uses the term first spouse. The obverse of these coins feature portraits of the nation ‘s first spouses, their names, the dates and order of their terms as first spouse, vitamin a well as the class of minting or issue, and the words “ In God We Trust ” and “ Liberty ”. The United States Mint issued the first base spouse gold coins on the same schedule as the Presidential $ 1 coins issued honoring the presidents. Each coin has a singular turn back design featuring an effigy emblematic of that spouse ‘s life sentence and work, arsenic well as the words “ The United States of America ”, “ E Pluribus Unum ”, “ $ 10 ”, “ 1/2 oz. “, and “ .9999 Fine Gold ”.
When a president served unmarried, as four presidents did, a gold coin was issued bearing an obverse prototype emblematic of Liberty as depicted on a circulating coin of that era, and bearing a revoke image emblematic of themes of that president. One exception is the coin depicting suffragist Alice Paul which represents the era of the Chester A. Arthur presidency, as Arthur was a widower. The act, as written, explicitly states that the First Spouse coins are to be released at the lapp time as their respective $ 1 Presidential coins. [ 49 ] Because the act links a foremost spouse ‘s eligibility for a coin to that of the presidential spouse, it means that a living first gear spouse could have appeared on a coin ; actually this did not happen, though Nancy Reagan died only a few months before the release of her coin. The United States Mint launched these coins formally at 12 prime minister EDT on June 19, 2007. They provided two versions of the coin : a proof version for $ 429.95 and an uncirculated version for $ 410.95. The United States Mint besides produces and makes available to the public bronze decoration duplicates of the First Spouse amber coins which are not legal tender. [ 50 ] In February 2009 Coin World reported that some 2007 Abigail Adams medals were struck using the reverse from the 2008 Louisa Adams decoration. [ 51 ] These pieces, called mules, were contained within the 2007 First Spouse decoration determined. [ 51 ] Although the first Spouse program ended in 2016, it was continued in 2020 to honor Barbara Bush. [ 2 ] A broad list of the coins is :
* Due to excitability in the gold market, the U.S. Mint lowered the price to $ 549.95 on November 12, 2008, to more accurately reflect the current spot price of amber. This however constantly changed as the price of gold changed. The mint used pricing range tables to adjust price of amber coin : 2016 Pricing Grid † Chester A. Arthur ‘s wife Ellen died before he succeeded to the presidency. Since there was no First Lady during his presidency, the dissemble explicitly states that Alice Paul, who was born during his term, would appear on this mint. [ 73 ] Since Paul was never First Lady, the coin does not have a serve date .
other provisions [edit ]
The act besides has two other provisions, for the come :
In 2009, numismatic cents that have the metallic copper content of cents minted in 1909 were issued for collectors .
Since 2010, another redesign change by reversal for the Lincoln cent is being minted ; this “ shall bear an effigy emblematic of President Lincoln ‘s preservation of the United States of America as a single and united area ”, and replaced the Lincoln Memorial reverse in use from 1959 to 2008 .