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Presidential dollar coins
Presidential dollar coins (authorized by Pub. L. 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 an ample 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.
S. 1047, the Presidential $1 Coin Act of 2005, was introduced 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. 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.
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, the national motto "In God We Trust" was also part of the edge lettering. The word "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 leaders hoped that collectors would be as interested in the dollars as they were with the state quarters, 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.
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.
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Presidential dollar coins
Presidential dollar coins (authorized by Pub. L. 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 an ample 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.
S. 1047, the Presidential $1 Coin Act of 2005, was introduced 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. 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.
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, the national motto "In God We Trust" was also part of the edge lettering. The word "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 leaders hoped that collectors would be as interested in the dollars as they were with the state quarters, 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.
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.
