Presidential dollar coins (Redirected from Presidential $1 Coin Program)

Presidential dollar coin
United States
Value1 U.S. dollar
Mass8.100 g (0.26 troy oz)
Diameter26.49 mm (1.043 in)
Thickness2.00 mm (0.0787 in)
EdgeEngraved: text "E pluribus unum", the coin's mint mark, its year of issuance, and 13 five-pointed stars (prior to 2009: text "In God We Trust")
CompositionCopper with manganese brass cladding:
88.5% Cu
6% Zn
3.5% Mn
2% Ni
Years of minting2007–2011 (Circulation)
2012–2016; 2020 (Collectors Only)
Catalog number
Obverse
DesignPortrait of US Presidents (first shown)
DesignerVarious
Design date2007–2016; 2020
Reverse
DesignStatue of Liberty
DesignerDon Everhart
Design date2007

Presidential dollar coins (authorized by Pub. L.Tooltip Public Law (United States) 109–145 (text) (PDF), 119 Stat. 2664, enacted December 22, 2005) are a series of United States dollar coins with engravings of relief portraits of U.S. presidents on the obverse and the Statue of Liberty (Liberty Enlightening the World) on the reverse.

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. A new coin was released on December 4, 2020, to honor George H. W. Bush, who died after the original program ended.

Legislative history

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 unanimous consent on November 18, 2005. The House of Representatives passed it (291-113) on December 13, 2005 (a similar bill, H.R. 902, had previously passed in the House, but it was the Senate bill which was passed by both chambers). The enrolled bill was presented to president George W. Bush on December 15, 2005, and he signed it into law on December 22, 2005.

Program details

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 program was to issue coins featuring each of four presidents per year on the obverse, issuing one for three months before moving on to the next president in chronological order by term in office. To be eligible, a president must have been deceased for at least two years prior to the time of minting. The United States Mint called it the Presidential $1 Coin Program.

The reverse of the coins bears the Statue of Liberty (formally Liberty Enlightening the World), the inscription "$1" and the inscription "United States of America" in all caps, in the font ITC Benguiat. Inscribed along the edge of the coin is the year of minting or issuance of the coin, the mint mark, 13 stars, and also the legend E Pluribus Unum in the following arrangement: ★★★★★★★★★★  (mint year)  (mint mark)  ★★★  E PLURIBUS UNUM; before 2009, In God We Trust was also part of the edge lettering. The legend "Liberty" is absent from the coin altogether, since the decision was made that the image of the Statue of Liberty on the reverse of the coin was sufficient to convey the message of liberty. The text of the act does not specify the color of the coins, but per the U.S. Mint "the specifications will be identical to those used for the current Golden dollar". The George Washington $1 coin was first available to the public on February 15, 2007, in honor of Washington's Birthday, which was observed on February 19.

This marked the first time since the St. Gaudens Double Eagle (1907–1933) that the United States had issued a coin with edge lettering for circulation. Edge-lettered coins date back to the 1790s. The process was started to discourage the shaving 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. 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 widespread circulation in the United States. The act sympathized with the need 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 public generally responded well to the State Quarter program). The program was also intended to help educate the public about the nation's presidents and their history. In case the coins did not catch on with the general public, then the Mint hoped that collectors would be as interested in the dollars as they were with the State Quarters,[citation needed] which generated about $6.3 billion in seigniorage (i.e., the difference between the face value of the coins and the cost to produce them) between January 1999 and December 2008.

Stack showing edge lettering

Unlike the State Quarter program and the Westward Journey nickel series, which suspended the issuance 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 issued dollars must be a Sacagawea dollar. Furthermore, the Sacagawea design was required to continue after the Presidential Coin program ended. These requirements were added at the behest of the North Dakota congressional delegation 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 requirement that the Mint nonetheless produce Sacagawea dollars would result in costs to the taxpayer without any offsetting benefits." In that event, the Federal Reserve indicated that it would "strongly recommend that Congress reassess the one-third requirement." The one-third requirement was later changed to one-fifth by the Native American $1 Coin Act, 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 law merely directs the Secretary of the Treasury to study the matter and report back to Congress. The act required federal government agencies (including the United States Postal Service), businesses operating on federal property, and federally funded transit systems to accept and dispense dollar coins by January 2008, and to post signs indicating that they do so.

Minting errors

On March 8, 2007, the United States Mint announced, that on February 15, 2007, an unknown number of George Washington Presidential $1 coins were released into circulation without their edge inscriptions (the U.S. mottos, "In God We Trust" and "E pluribus unum", the coin's mint mark, and its year of issuance; i.e. E PLURIBUS UNUM • IN GOD WE TRUST • 2007 X (where X 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 later coins were selling for $40–60, as of late March 2007. 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". Fake "Godless dollars" have been produced with the edge lettering filed off.

Also, John Adams Presidential dollars have been discovered with plain edges. They are fewer in quantity than George Washington plain-edge dollars, making them rarer, thus more expensive. A more frequently encountered edge lettering error for the John Adams dollar is a coin with doubled edge lettering. This error occurs when a coin passes through the edge lettering machine twice. Most examples of the doubled-edge-letter John Adams dollar are from the Philadelphia Mint (Denver Mint issues are comparatively scarce). They are seen in two varieties: 1) with both edge lettering inscriptions reading in the same direction, called "overlapped", and 2) with the two inscriptions running in opposite directions—i.e., inverted or upside-down relative to one another—called "inverted".

In early March 2007, a Colorado couple found a dollar coin which had not been struck with a die pair (missing the portrait of the president and the Statue of Liberty), but with edge lettering on the otherwise-blank planchet.

Some of the coins have the words on the rim struck upside down (president face up). These are not minting errors, but rather a variation created by the minting process. Such upside-down coins have been sold on auction websites like eBay and Amazon for greater than their face value, though they represent roughly 50% of the minted population.

Stockpile and suspension of production

A graph showing mintages of issues minted from 2007 to 2011

By 2011, 1.4 billion uncirculated $1 coins were stockpiled, which, if laid flat, could reach from Los Angeles to Chicago. By 2016, this number might have reached two billion if the minting had continued unchanged.

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 halting of all dollar coin programs.

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.

On December 13, 2011, Vice President Joe Biden and Treasury Secretary Timothy Geithner announced that the minting of Presidential $1 coins for circulation would be suspended. Future entries in the program, beginning with those of Chester A. Arthur, would be issued in reduced quantities, only for collectors.

By the end of 2022, the stockpile of $1 coins was reduced to 888 million. The inventory was estimated to last for nearly 16 more years (i.e. until 2038).

The program's end and continuation

The act specifies that for a former president to be honored, they must have been deceased for at least two years before issue. Hence, former presidents George H. W. Bush, Jimmy Carter, Bill Clinton, George W. Bush, and then-current president 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. On February 12, 2019, Senator John Cornyn introduced a bill to authorize a Presidential dollar honoring George H. W. Bush and an accompanying First Spouse gold coin for Barbara Bush, which was signed into law by President Donald Trump on January 28, 2020.

Collecting

Despite not seeing widespread use in circulation, the series has seen a few lower-mintage issues, mostly in specially marketed sets. Reverse Proof issues were made for the coins depicting Harry S. Truman, Dwight D. Eisenhower, John F. Kennedy, Lyndon B. Johnson, Ronald Reagan and George H. W. Bush between 2015 and 2020. These issues had mintages between 16,000 and 48,000, depending on the issue.

Coin details

Dollar coins were issued bearing the likenesses of presidents, as follows:

Release
number
President
number
President
name
Release date Denver
Mintage
Philadelphia
Mintage
Total Mintage Design In office
1 1st George Washington February 15, 2007 163,680,000 176,680,000 340,360,000 Washington dollar 1789–1797
2 2nd John Adams May 17, 2007 112,140,000 112,420,000 224,560,000 John Adams dollar 1797–1801
3 3rd Thomas Jefferson August 16, 2007 102,810,000 100,800,000 203,610,000 Jefferson dollar 1801–1809
4 4th James Madison November 15, 2007 87,780,000 84,560,000 172,340,000 Madison dollar 1809–1817
5 5th James Monroe February 14, 2008 60,230,000 64,260,000 124,490,000 Monroe dollar 1817–1825
6 6th John Quincy Adams May 15, 2008 57,720,000 57,540,000 115,260,000 John Quincy Adams dollar 1825–1829
7 7th Andrew Jackson August 14, 2008 61,070,000 61,180,000 122,250,000 Jackson dollar 1829–1837
8 8th Martin Van Buren November 13, 2008 50,960,000 51,520,000 102,480,000 Van Buren dollar 1837–1841
9 9th William Henry Harrison February 19, 2009 55,160,000 43,260,000 98,420,000 William Henry Harrison dollar 1841
10 10th John Tyler May 21, 2009 43,540,000 43,540,000 87,080,000 Tyler dollar 1841–1845
11 11th James K. Polk August 20, 2009 41,720,000 46,620,000 88,340,000 Polk dollar 1845–1849
12 12th Zachary Taylor November 19, 2009 36,680,000 41,580,000 78,260,000 Taylor dollar 1849–1850
13 13th Millard Fillmore February 18, 2010 36,960,000 37,520,000 74,480,000 Fillmore dollar 1850–1853
14 14th Franklin Pierce May 20, 2010 38,360,000 38,220,000 76,580,000 Pierce dollar 1853–1857
15 15th James Buchanan August 19, 2010 36,540,000 36,820,000 73,360,000 Buchanan dollar 1857–1861
16 16th Abraham Lincoln November 18, 2010 48,020,000 49,000,000 97,020,000 Lincoln dollar 1861–1865
17 17th Andrew Johnson February 17, 2011 37,100,000 35,560,000 72,660,000 A. Johnson dollar 1865–1869
18 18th Ulysses S. Grant May 19, 2011 37,940,000 38,080,000 76,020,000 Grant dollar 1869–1877
19 19th Rutherford B. Hayes August 18, 2011 36,820,000 37,660,000 74,480,000 Hayes dollar 1877–1881
20 20th James A. Garfield November 17, 2011 37,100,000 37,100,000 74,200,000 Garfield dollar 1881
21 21st Chester A. Arthur February 5, 2012 4,060,000 6,020,000 10,080,000 Arthur dollar 1881–1885
22 22nd Grover Cleveland May 25, 2012 4,060,000 5,460,000 9,520,000 Cleveland 1st Term dollar 1885–1889
23 23rd Benjamin Harrison August 16, 2012 4,200,000 5,640,001 9,840,001 Benjamin Harrison dollar 1889–1893
24 24th Grover Cleveland November 15, 2012 3,920,000 10,680,001 14,600,001 Cleveland 2nd Term dollar 1893–1897
25 25th William McKinley February 19, 2013 3,365,100 4,760,000 8,125,100 McKinley dollar 1897–1901
26 26th Theodore Roosevelt April 11, 2013 3,920,000 5,310,700 9,230,700 Theodore Roosevelt dollar 1901–1909
27 27th William Howard Taft July 9, 2013 3,360,000 4,760,000 8,120,000 Taft dollar 1909–1913
28 28th Woodrow Wilson October 17, 2013 3,360,000 4,620,000 7,980,000 Woodrow Wilson dollar 1913–1921
29 29th Warren G. Harding February 6, 2014 3,780,000 6,160,000 9,940,000 Warren Harding dollar 1921–1923
30 30th Calvin Coolidge April 10, 2014 3,780,000 4,480,000 8,260,000 Calvin Coolidge dollar 1923–1929
31 31st Herbert Hoover June 19, 2014 3,780,000 4,480,000 8,260,000 Herbert Hoover dollar 1929–1933
32 32nd Franklin D. Roosevelt August 28, 2014 3,920,000 4,760,000 8,680,000 Franklin Roosevelt dollar 1933–1945
33 33rd Harry S. Truman February 5, 2015 3,500,000 4,900,000 8,400,000 Harry S. Truman dollar 1945–1953
34 34th Dwight D. Eisenhower April 13, 2015 3,645,998 4,900,000 8,545,998 Eisenhower Presidential dollar 1953–1961
35 35th John F. Kennedy June 18, 2015 5,180,000 6,160,000 11,340,000 Kennedy Presidential dollar 1961–1963
36 36th Lyndon B. Johnson August 18, 2015 4,200,000 7,840,000 12,040,000 L. Johnson dollar 1963–1969
37 37th Richard Nixon February 3, 2016 4,340,000 5,460,000 10,000,000 Nixon dollar 1969–1974
38 38th Gerald Ford March 8, 2016 5,040,000 5,460,000 10,500,000 Ford dollar 1974–1977
39 40th Ronald Reagan July 5, 2016 5,880,000 7,140,000 13,020,000 Ronald Reagan Presidential $1 Coin 1981–1989
40 41st George H. W. Bush December 4, 2020 1,502,425 1,242,275 2,744,700 George Bush Presidential $1 Coin 1989–1993

First Spouse program

Director of United States Mint Edmund C. Moy and First Lady Laura Bush at the unveiling of Dolley Madison's First Spouse coin on November 19, 2007

The United States has honored the spouses of each of the presidents honored by the Presidential $1 Coin Act by issuing half-ounce $10 gold coins featuring their images, in the order they served as first spouse, beginning in 2007. To date, all first spouses have been women (often called first ladies).

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, as well as the year of minting or issuance, and the words "In God We Trust" and "Liberty". The United States Mint issued the first spouse gold coins on the same schedule as the Presidential $1 coins issued honoring the presidents. Each coin has a unique reverse design featuring an image emblematic of that spouse's life and work, as 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 image emblematic of Liberty as depicted on a circulating coin of that era, and bearing a reverse 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 same time as their respective $1 Presidential coins. Because the act links a first spouse's eligibility for a coin to that of the presidential spouse, it means that a living first 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 officially at 12 pm 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 also produces and makes available to the public bronze medal duplicates of the First Spouse gold coins which are not legal tender. In February 2009 Coin World reported that some 2007 Abigail Adams medals were struck using the reverse from the 2008 Louisa Adams medal. These pieces, called mules, were contained within the 2007 First Spouse medal set.

Although the First Spouse program ended in 2016, it was continued in 2020 to honor Barbara Bush.

A full listing of the coins is:

Release
#
Spouse
#
Name Reverse design Release date Proof Issue Price Mintage
figures
Front/obverse
Design
Reverse
Design
Dates served
1 1 Martha Washington Mrs. Washington sewing, with slogan "First Lady of the Continental Army" June 19, 2007 $429.95 19,167 1789–1797
2 2 Abigail Adams Mrs. Adams writing her famous "Remember the Ladies" letter June 19, 2007 $429.95 17,149 1797–1801
3 3 Thomas Jefferson's Liberty Jefferson's grave at Monticello August 30, 2007 $429.95 19,815 1801–1809
4 4 Dolley Madison Mrs. Madison posing before the Lansdowne portrait of Washington, which she saved during the Burning of Washington November 19, 2007 $529.95 17,943 1809–1817
5 5 Elizabeth Monroe Mrs. Monroe at the reopening of the White House in 1818 February 28, 2008 $619.95* 7,800 1817–1825
6 6 Louisa Adams Mrs. Adams and her son Charles making the dangerous journey from St Petersburg to Paris in 1812 May 29, 2008 $619.95* 6,581 1825–1829
7 7 Andrew Jackson's Liberty Jackson on horseback with his nickname "Old Hickory" August 28, 2008 $619.95* 7,684 1829–1837
8 8 Martin Van Buren's Liberty Van Buren reading in the grass in his home village of Kinderhook November 25, 2008 $549.95 6,807 1837–1841
9 9 Anna Harrison Mrs. Harrison reading to her children March 5, 2009 $629.00 6,251 1841
10 10 Letitia Tyler Mrs. Tyler with children on Cedar Grove Plantation July 2, 2009 N/A 5,296 1841–1842
10A 10A Julia Tyler Mr. and Mrs. Tyler dancing August 6, 2009 N/A 4,844 1844–1845
11 11 Sarah Polk Mr. and Mrs. Polk working together at a desk in the White House September 3, 2009 N/A 5,151 1845–1849
12 12 Margaret Taylor A young Mrs. Taylor tending to a wounded soldier during the First Seminole War. December 3, 2009 N/A 4,936 1849–1850
13 13 Abigail Fillmore Mrs. Fillmore shelving books in the White House Library, which she established. March 18, 2010 N/A 6,130 1850–1853
14 14 Jane Pierce Mrs. Pierce in the visitors' gallery of the Old Senate Chamber, listening to a debate. June 3, 2010 N/A 4,775 1853–1857
15 15 James Buchanan's Liberty Buchanan working as a bookkeeper in the family store September 2, 2010 N/A 7,110 1857–1861
16 16 Mary Todd Lincoln Mrs. Lincoln giving flowers and a book to Union soldiers during the Civil War December 2, 2010 N/A 6,861 1861–1865
17 17 Eliza Johnson Three children dancing and a Marine Band violinist at the children's ball that was held for President Johnson's 60th birthday. May 5, 2011 N/A 3,887 1865–1869
18 18 Julia Grant Grant and a young Julia Dent horseriding at White Haven, her family home. June 23, 2011 N/A 3,943 1869–1877
19 19 Lucy Hayes Mrs. Hayes hosting the first Easter Egg Roll at the White House, 1877 September 1, 2011 N/A 3,868 1877–1881
20 20 Lucretia Garfield Mrs. Garfield painting on a canvas with brush and palette. December 1, 2011 N/A 3,653 1881
21 21 Alice Paul Alice Paul marching for women's suffrage October 12, 2012 N/A 3,505 N/A †
22 22 Frances Cleveland Mrs. Cleveland hosting a working women's reception. November 15, 2012 N/A 3,158 1886–1889
23 23 Caroline Harrison orchid and paint brushes December 6, 2012 N/A 3,046 1889–1892
24 24 Frances Cleveland Mrs. Cleveland delivering a speech December 20, 2012 N/A 3,104 1893–1897
25 25 Ida McKinley Mrs. McKinley's hands crocheting slippers; she made thousands which were sold for charity. November 14, 2013 N/A 1,769 1897–1901
26 26 Edith Roosevelt Image of the White House with compass and "The White House Restored 1902" November 21, 2013 N/A 2,851 1901–1909
27 27 Helen Taft Cherry blossom of Prunus serrulata, brought to Washington, DC by Mrs. Taft December 2, 2013 $770.00 2,579 1909–1913
28 28 Ellen Wilson Commemoration of Mrs. Wilson's creation of the White House Rose Garden December 9, 2013 $770.00 2,551 1913–1914
28A 28A Edith Wilson Image commemorating Mrs. Wilson's support for her husband after his stroke; the President holds onto a cane with Edith's hand resting warmly on top December 16, 2013 $770.00 2,452 1915–1921
29 29 Florence Harding Items relating to Mrs. Harding's life: ballots and ballot box, camera, torch, and initials referencing World War I veterans July 10, 2014 $770.00 2,288 1921–1923
30 30 Grace Coolidge U.S.A. spelled out in American Sign Language in front of the White House; Mrs. Coolidge promoted Deaf education July 17, 2014 $770.00 2,196 1923–1929
31 31 Lou Hoover Radio commemorating Mrs. Hoover's radio address of 19 April 1929, the first by a First Lady August 14, 2014 $770.00 2,025 1929–1933
32 32 Eleanor Roosevelt A hand lighting a candle, symbolizing her life's work and the global impact of her humanitarian initiatives. September 4, 2014 $770.00 2,389 1933–1945
33 33 Bess Truman A wheel on railroad tracks, symbolizing Mrs. Truman's support for her husband on his 1948 whistle stop tour April 16, 2015 $770.00 N/A 1945–1953
34 34 Mamie Eisenhower Hand holding an I Like Mamie badge May 7, 2015 $770.00 N/A 1953–1961
35 35 Jacqueline Kennedy Saucer magnolia flower (planted by Mrs. Kennedy beside the John F. Kennedy Eternal Flame) overlaid on an image of the world. June 25, 2015 $770.00 N/A 1961–1963
36 36 Lady Bird Johnson Jefferson Memorial, Washington Monument and flowers in reference to Mrs. Johnson's efforts in the beautification and conservation of America August 27, 2015 N/A N/A 1963–1969
37 37 Pat Nixon People standing hand-in-hand surrounding a globe, symbolizing Mrs. Nixon's commitment to volunteerism. February 18, 2016 N/A N/A 1969–1974
38 38 Elizabeth Ford Young woman ascending a staircase, representing Mrs. Ford's openness and advocacy regarding addiction, breast cancer and women's rights. March 25, 2016 N/A N/A 1974–1977
39 40 Nancy Reagan Mrs. Reagan with two children wearing "Just Say No" T-shirts July 1, 2016 N/A N/A 1981–1989
40 41 Barbara Bush A child reading a book with a river and a rising Sun as part of the design. August 20, 2020 $1,285.00 5,000 1989–1993

* Due to volatility 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 gold. This however constantly changed as the price of gold changed. The mint used pricing range tables to adjust pricing of gold 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 act explicitly states that Alice Paul, who was born during his term, would appear on this coin. Since Paul was never First Lady, the coin does not have a served date.

Other provisions

The act also has two other provisions, for the following:

In 2009, numismatic cents that have the metallic copper content of cents minted in 1909 were issued for collectors.

Since 2010, another redesigned reverse for the Lincoln cent is being minted; this "shall bear an image emblematic of President Lincoln's preservation of the United States of America as a single and united country", and replaced the Lincoln Memorial reverse in use from 1959 to 2008.

See also


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