Presidential dollar coins: Difference between revisions

Revision as of 16:42, 26 January 2007

Revision as of 16:43, 26 January 2007

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The '''Presidential $1 Coin Program''' (Public Law 109-145; 119 Stat. 2664) is an [[Act of Congress]] that directs the [[United States Mint]] to produce [[United States dollar coin|$1 coins]] with engravings of the [[Presidents of the United States|United States Presidents]] on the obverse.

[[Image:LineartPresRev.jpg|thumb|right|150px|Reverse of presidential dollar coin]]

==Legislative History==

==liberty. The text of the act does not specify the color of the coins, but per the U.S. Mint [http://www.usmint.gov/downloads/Whats_New/News_Views/2006-04.pdf] "the specifications will be identical to those used for the current ultimately remains on the dollar coin. However, Federal Reserve officials have 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 |-

Senate Bill 1047 was introduced in the [[United States Senate]] on [[May 17]], [[2005]], by Senator [[John E. Sununu]] with over 70 cosponsors.

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.26760), by Unanimous Consent on [[November 18]], [[2005]]. The [[United States House of Representatives|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 that was passed by both chambers.) The engrossed 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 will begin on [[January 1]], [[2007]], and will be similar to the [[State Quarters|State Quarter program]] in that it will not end until every eligible subject is honored. The program will 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. The [[U.S. Mint]] calls it the Presidential $1 Coin Program. [http://www.usmint.gov/mint_programs/$1coin/index.cfm]

The reverse of the coins will bear the [[Statue of Liberty]], the inscription '$1' and the inscription 'United States of America'. In addition, inscribed along the edge of the coin will be the year of minting or issuance of the coin, and also the legends ''[[E Pluribus Unum]]'' and '[[In God We Trust]].' The legend '[[Liberty]]' will be 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 [http://www.usmint.gov/downloads/Whats_New/News_Views/2006-04.pdf] "the specifications will be identical to those used for the current Golden dollar". According to the Mint, "The President Washington $1 Coin will be made available to the public around [[Presidents' Day (United States)|President’s Day]], 2007, with the release date being February 15" [http://www.usmint.gov/mint_programs/$1coin/index.cfm?action=Outreach].

This marks the first time since the [[St. Gaudens Double Eagle]] that the United States has issued a [[coin]] with edge lettering for circulation. An edge lettered coin is rare in the world today outside the [[Eurozone]]. Edge lettered coins date back to the 1790s. The process was started to discourage the "shaving" of gold coin edges, a practice that was used to cheat payees.

The act had been introduced because of the failure of the [[Sacagawea dollar|Sacagawea $1 coin]] to gain wide-spread 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 will also educate the public about the history of the nation's Presidents. Should the coin not catch on with the general public, the [[United States Mint|Mint]] is hoping that [[Coin collecting|collectors]] will be as interested in the dollars as they were with the State Quarters, which generated about $4.6 billion in [[seigniorage]] between January 1999 and April 2005, according to a report by the [[Congressional Budget Office]].

Unlike the State Quarter program and the [[Nickel (U.S. coin)#Westward Journey nickel series|Westward Journey nickel series]], which suspended the issuance of the current design during those programs, the act directs the Mint to continue to issue [[Sacagawea]] dollar coins during the Presidential series. At least one-third of the dollar coins issued in each year of the program must be Sacagawea dollars; furthermore, the Sacagawea design is required to continue after the Presidential program ends. 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 have 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 indicates that it would "strongly recommend that Congress reassess the one-third requirement." [http://www.federalreserve.gov/boarddocs/testimony/2006/20060719/default.htm]

Previous versions of the act called for removing from circulation dollar coins issued prior to the Sacagawea dollar, most notably the [[Susan B. Anthony dollar]], but the version of the act that became law merely directs the [[United States Secretary of the Treasury|Secretary of the Treasury]] to study the matter and report back to Congress. However, the act does require 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. [http://www.usmint.gov/mint_programs/$1coin/index.cfm?action=RemoveBarrier]

Even though it would take about 11 years to honor all the Presidents ([[George W. Bush]] is the 43rd President and the act allows for a coin for each of [[Grover Cleveland]]'s two non-consecutive terms), the series may not run that long. The act provides that no former President will be depicted on a coin within two years of his death, and the series will end when all the then-eligible Presidents have been honored.

==Coin details==

Dollar coins will be issued bearing the likenesses of Presidents, as follows:^{[http://www.usmint.gov/mint_programs/$1coin/index.cfm?action=schedule]}

{| class="wikitable"

|-

! Release #

! [[President of the United States|President]] #

! [[President of the United States|President]]

! Release date

! Mintage figures

! Design

! in office

|-

| 1

| 1