Presidential Dollar Coins to Appear in February 2007

Coming soon to a cashier's change drawer near you... a new golden coin. Beginning in February 2007, you may find yourself receiving a coin bearing the likeness of a past president. Thanks to the recent Presidential Coin Act, the US Mint is preparing to release the new coins into circulation, at the rate of four per year.

First it was the Susan B. Anthony one-dollar coins, then Sacagawea coins. Coin collectors enjoy them, but consumers weren't crazy about carrying them around instead of the lightweight foldable dollar bills. The 50-state quarter program, however, was enormously popular. It caught the imagination of children and adults, and taught them something about geography and a bit about each state. That's why the U.S. Mint has decided to do it all again, with the Presidential Coin program.

The coins will be minted in the order the presidents served, one every three months. In 2007, the kickoff will, of course, be with the George Washington dollar coin, followed by John Adams, Thomas Jefferson, and finally James Madison. Each president will be featured only once, except for Grover Cleveland. Cleveland served two non-consecutive terms, therefore he will be on two separate coins. He was first elected in 1884, defeated in 1888, and elected again in 1892.

Coins will only feature presidents that are no longer living, and that have passed away two or more years ago. So though the currently posted schedule only goes up through the Richard Nixon coin, to be minted in 2016, by that time at least Ronald Reagan and Gerald Ford will be added to the lineup.

Compared to Other Coins

The Presidential coins will be the same size, weight, and color as the Sacagawea coins, but the portraits on the obverse (front) of the new coins will be larger and accompanied by the dates of service as president. To make room for the larger picture, the words "In God We Trust" and "E Pluribus Unum", the date of minting or issuance and the mint mark will all be on the edge of the coin. The reverse (back) side of the coins will feature the Statue of LIberty, the "$1" symbol, and the words "United States of America." These will be the only circulating U.S. coins that do not bear the word "liberty."

Part of the reason for the new coin program is that the public has expressed a renewed interest in coin collecting. "Congress recognized that the 50 State Quarters Program showed how a systematically changing design can spark public interest in a coin and we're hoping to build on that success," explained Edward C. Moy, director of the U.S. Mint. "The new Presidential $1 Coins are an educational and fun way to learn about former Presidents," he added.

Though these coins are not expected to replace dollar bills, which are so much more convenient to carry, the government would save a bundle if they did become the dollar of choice. That's because the estimated cost to produce a one-dollar bill is about 5.7 cents and it remains in circulation for an average of 22 months. Coins cost more to mint but can remain in circulation for 30 or more years. If dollar coins did replace dollar bills, the government could save about $500 million per year in production costs.