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Take a expect in your car's cup holders or that jar of loose change lurking in the kitchen cabinet. Practise any glints and glimmers of golden catch your heart? If so, yous might count yourself among the lucky owners of a Presidential $1 — a relatively rare and incomparably novel type of coinage that features engravings of U.S. presidents' faces and the Statue of Liberty, all done up in a warm, golden metallic blend that we don't see as well often in U.S. currency.
For simply a few years in the early on 2000s, the U.South. Mint oversaw the Presidential $1 Money Program, which produced special coins that honored, equally you might have guessed, American presidents. But non every U.S. head of land ended upwardly with their likeness boldly born in bas-relief on the faces of our spare change. And that'due south merely one element of what makes these coins so interesting. Whether you fancy yourself an aspiring numismatist or an armchair historian, you'll bask broadening your understanding of this U.S. Mint program — and mayhap fifty-fifty learning what these coins could be worth today.
Where Did the Idea for the Presidential Aureate Dollars Come From?
In 2005, Congress passed the Presidential $1 Coin Act, and Department 101 of the deed offers an interesting explanation for the reason why. The Sacagawea dollar coins that were introduced into circulation in the U.s.a. a few years before had not proved very popular — people just simply didn't like using dollar coins for transactions. Only Congress believed that having a widely circulated $ane coin available was important for supporting certain economic sectors and situations, including "public transportation, parking meters, vending machines and depression-dollar value transactions." If in that location were no dollar coins widely used and in circulation, merchants and vendors would incur greater costs, some members of Congress argued, and subsequently would be forced to pass those costs on to consumers.
At the same time, Congressional leaders had taken annotation of how popular the 50 States Commemorative Coin Programme had been — specially from an education perspective. Each money used state-specific imagery to convey an interesting factoid, meaning each state's money was unique. That made the deed of collecting them appealing, also.
Armed with the results of a survey that showed Americans would actively seek a new coin "if an bonny, educational rotating pattern were to exist struck" on it, the Presidential $1 Coin Program was born. However, it's important to remember that these state coins were quarters, not dollars, and thus didn't face the same barriers to widespread use every bit dollar coins. The presidential gilt dollars didn't replace the Sacagawea dollar coin first minted in 2000, either, merely were to exist produced alongside that coin.
Big plans grew for the presidential dollars, and Congress went well beyond simply creating the program. It stipulated very specific requirements with the goal of returning to the "Golden Age of Coinage" initiated past President Theodore Roosevelt and spearheading an endeavor to create coins that didn't just serve equally tools for commercial commutation just that were too artful and beautiful.
How Did Congress Plan to Return to the "Golden Historic period of Coinage"?
The Presidential $one Coin Human action of 2005 proposed a listing of specific requirements for the decorative new denomination to encourage a render to a legendary fourth dimension in history when coins grew to be regarded as art. Six of the many requirements the U.S. Mint and the coin designers were directed to contain include the following:
Each coin should be "an object of aesthetic beauty in its own right."
"Mint marks" such as mottos, emblems and the inscription of the year should exist placed on the edges to permit for "larger and more dramatic artwork" on the obverse and reverse of each coin.
The "tails" side of the coin would display a likeness of the Statue of Liberty large plenty to exist dramatic, but not so large that the money would seem 2-headed.
The "heads" side of the coin would show the name and likeness of a president, along with basic data about that president, including their term(s) of function and the social club of their menstruation of service.
Each year, $1 coins would be produced to accolade four presidents until all presidents were honored.
The projection would exist limited in scope to deceased presidents, not living current or former presidents. Featured presidents needed to have been deceased for at least two years before actualization on the coins.
So, how were these stipulations meant to hearken back to coinage's purported "golden historic period"? A few years afterward taking part in the early 20th century, President Theodore Roosevelt sent a letter to then-Secretary of the Treasury Leslie Shaw explaining how U.S. coinage was "artistically of atrocious hideousness" — a scathing take on the appearance of American coin. Roosevelt also asked Shaw if the Treasury would consider employing Augustus Saint-Gaudens, a Beaux Arts-era sculptor, to create some coin designs that ameliorate represented the state via their dazzler. Every bit a result, Saint-Gaudens created two coins that have get beloved among collectors: the $10 eagle and the $twenty double eagle, both of which featured depictions of Lady Liberty and — yes — eagles.
The requirement for the Presidential $ane coins to feature the Statue of Liberty is a definite nod to the Saint-Gaudens designs and the "aureate era" of coinage, but the level of detail — that demand for "larger and more dramatic artwork" — is some other. The $20 double eagle coin reportedly needed to undergo 11 separate strikes to bring out the loftier level of detail of the design; the coins' faces were so intricate and their relief so high that bankers couldn't stack them properly. While that wasn't what Congress had in mind when passing the 2005 coin act, that's the spirit in which the government wanted the presidential dollars to be designed: aplenty particular and beauty to appropriately honor the leaders stamped across the coins' faces.
Does Every President Have a Gold Presidential Dollar?
In total, 40 American presidents have been honored with golden presidential dollars. The excluded presidents are Jimmy Carter, Beak Clinton, George W. Bush, Barack Obama and Donald Trump, who haven't been honored on coins considering they're still living — and who might not be honored on presidential dollar coins anytime soon. Aside from the fact that they're not deceased, what's the reason for this exclusion?
In 2011, Vice President Joe Biden and Secretary of the Treasury Timothy Geithner paused the Presidential $i Coin Programme as a cost-cutting measure. At the time, the U.S. Federal Reserve had stockpiled enough of these $i coins — more than a billion — to meet need for at to the lowest degree a decade. Biden and Geithner noted that the decision to stop the program would salve taxpayer dollars because, according to a certificate released by the Treasury, "minting $ane coins that ultimately finish up sitting in Federal Reserve Bank vaults –— and serve no useful purpose for businesses, fiscal institutions and consumers— is just not a prudent use of taxpayer resources." Ending production of these coins was a move that would help the government achieve its goal of creating less waste product and would free up taxpayer money in the process.
By the time the program was terminated, the Mint had produced presidential gold dollars for all deceased presidents up to and including Ronald Reagan and would produce no more than — save for a 4-year special run of coins produced until 2016 for collectors, along with ane other exception. In February 2019, Senator John Cornyn introduced a neb for the production of a Presidential $1 coin honoring President George H. Westward. Bush. The President George H. W. Bush and First Spouse Barbara Bush-league Coin Act was passed into law in Jan of 2020, and the design of Bush Sr.'south coin was revealed on December iv, 2020.
How Many Presidential Golden Dollars Are Out There?
Over v billion golden presidential dollars were produced nether the Presidential $1 Money Program, non including the money honoring President George H. W. Bush. The U.South. Mint produced the coins at its facilities in Denver, Colorado, and Philadelphia, Pennsylvania. The president honored with the highest total mintage (the number of coins produced) is President George Washington, with over 340,000,000 of these golden coins begetting his likeness having been produced. At the other end of the spectrum, the president with the lowest mintage is Woodrow Wilson at 7,980,000.
Production numbers dropped significantly midway through the running of the Presidential $1 Coin Program. Of the first xx presidents from Washington to Garfield, no leader was honored with a mintage of fewer than 72,660,000 coins (President Andrew Johnson). Those who served after President Garfield (presidents Arthur to Reagan, skipping President Carter) were honored with far fewer coins. The highest mintage amidst those presidents was President Cleveland (with two split up runs of 9,520,000 and fourteen,600,001) followed closely by President Reagan (13,020,000).
Are Presidential Dollars Worth Anything?
Today, you tin buy presidential golden dollars from the U.Southward. Mint at specified times, though the coins are non office of its standard catalog. Until 2011, the coins were distributed by the Mint to banks and financial institutions, merely that's no longer the case. The Mint still releases Presidential $i coins into the "secondary market," where y'all can detect them available for auction online and from coin dealers. The U.S. Mint likewise releases 250-coin bags and rolls of the dollar coins, which are typically available through dealers. For a cursory fourth dimension beginning in 2008, buyers could even order them through a program called the $i Coin Directly Ship Programme — only the program didn't terminal too long.
As for their value? Well-nigh of them are worth the amount stamped on their faces — $i. At dealers or from collectors, some earlier-mintage coins may be priced higher simply based on the lower number of such coins available. Proof coins, which are samples made to check the dies that cutting and postage stamp the coins, sometimes sell for upwards to $10 apiece. The most valuable of the aureate presidential dollars are those that were produced with errors. One item 2007 mintage of coins honoring President George Washington had missing edge lettering, which can see those particular coins selling for $5,000 or more.
Will you get rich off Presidential $one coins? Not probable, but, like collecting other objects, at that place'due south plenty of fun in the chase and in learning the history of these coins and presidents — which, of form, was part of Congress' aim in the kickoff place.
Source: https://www.reference.com/history/history-united-states-golden-presidential-dollars?utm_content=params%3Ao%3D740005%26ad%3DdirN%26qo%3DserpIndex
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