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Coming Soon: The Presidential $1 Dollar Coin Program

So, if it wasn’t clear from my previous post and eBay Guide on the US State Quarters Program, I like to collect coins. As a result, I tend to follow bulletins from the US Mint with a little more interest than average.

Looks like November 20 is the day that the US Mint will take the wraps off the designs of the first four Presidential dollar coins.

For those of you unfamiliar with the program, the basic idea is that the US Government will be producing special versions of the $1 coin, one for each President of the United States. Four coins will be produced every year, finishing out the program in 2017 or so. The reason the ending is vague is because they will not produce a coin for any living President, so the question is whether or not any currently living (or upcoming) Presidents make it to 2016.

You can read a really nice writeup of the program here on Wikipedia.

This program was put into place by the Predential $1 Coin Act of 2005, which also brought us the first 24K US Bullion Gold coin, the American Buffalo.

The US Mint is starting to think more like a business, and given the incredible success of the 50 State Quarter Program, it was inevitable that someone would do the math on how much the government makes printing money that people like to collect instead of spend.

Although the US Mint runs a risk of “collector fatigue” if they play this card too much, I think this program will be a lot of fun for several reasons:

  1. A dollar is worth collecting. American coins haven’t really kept up with inflation. When a candy bar at the supermarket is $0.99, even small kids know that pennies may not get you very far. A dollar is still substantial, and it should attract some interest from kids who might tie a pile of dollar coins to some significant savings.
  2. A reason to learn history. Learning the 50 States is fun. Learning about the US Presidents will have additional depth because each one represents a length of time in US history.
  3. Gotta have them all! The most valuable proof set in a long time has been the 1999 Silver Proof Set – the first to offer the state quarters, before people realized how popular this program would be. Minting four new coins a year ensures a variety of collectible sets, and rewards for people who have the patience to collect through the entire program. Nothing gets collector blood pumping than the idea that there is an entire set of variations to collect.

I think the US Mint is getting a little greedy by printing up “companion gold coins” of each first lady. I’m not sure most people even know most of the first ladies through history, let alone want to pay for them in solid gold form.

Still, you know I’ll have my orders in place for these coins. I’ll likely be buying some for myself, and some to sell on eBay to help fund my collection.

Go check out the US Mint on November 20th for the new designs. The first year will be:

  1. George Washington
  2. John Adams
  3. Thomas Jefferson
  4. James Madison

It’s going to be exciting… in a coin collecting sort-of way.

Update (11/20/2006): The day has come… please see my new post on the unveiling of the first four designs at the US Mint:

US Mint Unveils the 2007 Presidential Dollar Coins

Update (12/27/2006): I’ve posted additional details about the new First Spouse coin program

The 2007 First Spouse 24K Gold Coin Program

Update (02/15/2007): The dollars are here! Here is my first day coverage

New Insights from the Launch of the Presidential $1 Dollar Coin

Update (5/17/2007):  The John Adams dollar coins have been released! 

The John Adams Presidential $1 Dollar Coin is Available

21 Comments Post a comment
  1. Hi, sorry for a little offtopic but a friend told me about your site and it’s really great. So keep it up :D

    – Laura

    November 14, 2006
  2. No problem! I’m glad you like it. I just started blogging a couple of months ago, so I’m still figuring out what types of things people find interesting.

    Take care,
    Adam

    November 14, 2006
  3. You do know that the whole program is just an excuse to sneak Ronald Reagan onto legal tender?

    November 20, 2006
  4. Hi Edgar,

    I’m not sure that’s true, given the revenue advantages of the State Quarter program. However, I do think that there is a large group out there that will be very excited to get Reagan on a coin (witness the whole “Reagan Dime” phenomenon). This is why certain coins are going to appreciate in value quickly.

    Would you really be against having Reagan on the dollar coin? Politics aside, given how successful his term was vs. the malaise of the 70s, can you really argue that Reagan deserves it less than Sacagawea? Talk about an obvious political move – there is no way that Sacagawea should rank in the Top 1000 people to include on a coin.

    Take heart – if Jimmy Carter passes before 2016, we might see a Jimmy Carter dollar too! Of course, it will only be worth 20 cents.

    Adam

    November 20, 2006
  5. Steve Cardin #

    Will they make silver proof sets of the presidential dollars?

    November 25, 2006
  6. Steve,

    Good question. I’ve seen on the eBay Coins boards reference to some sort of survey that was sent out to coin dealers. Apparently, the US Mint is considering several options:
    1) Using standard metal versions in the proof sets.
    2) Providing special silver versions in the silver proof sets.
    3) Some combination of the above.

    It seems the US Mint is getting a little heavy handed with creating multiple versions. Look at the 20th Anniversary Eagles – there are silver proof, silver uncirculated, and reverse proof versions.

    We’ll see!
    Adam

    November 26, 2006
  7. Jason #

    With this ruling, they just may tie the $1 coin to the removal of the $1 bill:

    http://today.reuters.com/news/articlenews.aspx?type=domesticNews&storyid=2006-11-28T233849Z_01_N28292849_RTRUKOC_0_US-USA-CURRENCY-BLIND.xml&src=rss

    November 30, 2006
  8. I think you’re making a very good point there

    December 20, 2006
  9. Scott #

    Have you heard anything about if there will be a 4-coin proof set of the 4 Presidential coins for this year and if so how many they will produce? Thanks for your info!

    February 2, 2007
  10. Hi Scott,

    Check out my other post on the published US Mint schedule for early 2007.

    The US Mint will be putting out a Presidential $1 Dollar Coin Proof Set on February 15th. The price has not yet been announced, but given that they are not silver coins, I would assume the price will be around $15 a set.

    February 2, 2007
  11. Jon #

    Actually got this from USATODAY explaining the coins – for those who were concerned seeing Ronnie on the quarters.
    Note: Congress required that presidents be dead at least two years before they can be depicted on a dollar coin and that presidents be featured in the order they served. Ronald Reagan who died in 2004 cannot be pictured on a coin unless Jimmy Carter has been dead two years in 2016 when the program expires. Source: U.S. Mint

    February 14, 2007
  12. This is true, but I think that it bodes well for Ronald Reagan getting a dollar. Carter was born in 1924.

    I think the funnier aspect to that requirement is that in order to see Reagan on a dollar, we need to first see Carter on a dollar! Now, that would be truly tragic.

    February 14, 2007
  13. Nice blog. Too bad those stupid Snap preview things keep popping up. They drive me nuts.

    February 25, 2007
  14. susan #

    Where can we get a schedule of issue dates for the gold coins

    April 23, 2007
  15. I’ve been using the date list at the US Mint website for information.

    Adam

    April 24, 2007
  16. Rob #

    I just like them for bribing my kids, I get a ton more traction with a “gold dollar” than with four quarters.

    http://jenirob.blogspot.com/2007/10/i-aint-saying-hes-gold-digger.html

    October 29, 2007
  17. Mr. M #

    I’m wondering in 2008 if demand for the $1 coin will increase any. In January of 2008 a new law goes into play stating something like federally funded institutions need to be able to accept and distribute the $1 coins.

    November 25, 2007

Trackbacks & Pingbacks

  1. Coming Soon: $1 Coins With President’s Faces « Aggregating the fascinating
  2. US Mint Unveils the 2007 Presidential Dollar Coins « Psychohistory
  3. Psychohistory How Rational Are We? The Dollar Coin vs. Dollar Bill Debate «
  4. Psychohistory New Insights from the Launch of the Presidential $1 Dollar Coin «

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