United States History Clip Art American Revolution Clip Art
Take a wait in your car'south cup holders or that jar of loose change lurking in the kitchen chiffonier. Do any glints and glimmers of gold catch your eye? If then, you might count yourself amongst the lucky owners of a Presidential $1 — a relatively rare and decidedly novel type of coinage that features engravings of U.S. presidents' faces and the Statue of Liberty, all done up in a warm, gold metal blend that we don't see likewise often in U.S. currency.
For just a few years in the early 2000s, the U.South. Mint oversaw the Presidential $1 Coin Program, which produced special coins that honored, as you might have guessed, American presidents. Merely not every U.S. head of country ended up with their likeness boldly born in bas-relief on the faces of our spare change. And that'south just one element of what makes these coins and then interesting. Whether y'all fancy yourself an aspiring numismatist or an armchair historian, you'll bask broadening your agreement of this U.S. Mint program — and maybe fifty-fifty learning what these coins could be worth today.
Where Did the Thought for the Presidential Golden Dollars Come From?
In 2005, Congress passed the Presidential $one Money Human activity, and Department 101 of the human activity offers an interesting caption for the reason why. The Sacagawea dollar coins that were introduced into circulation in the United States a few years earlier had not proved very popular — people just simply didn't like using dollar coins for transactions. Simply Congress believed that having a widely circulated $one coin available was important for supporting certain economic sectors and situations, including "public transportation, parking meters, vending machines and low-dollar value transactions." If there 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 note of how popular the 50 States Commemorative Coin Plan had been — peculiarly from an education perspective. Each money used state-specific imagery to convey an interesting factoid, pregnant each state'southward money was unique. That made the human activity of collecting them appealing, too.
Armed with the results of a survey that showed Americans would actively seek a new coin "if an bonny, educational rotating design were to exist struck" on it, the Presidential $one Money Program was born. However, it's important to think that these state coins were quarters, not dollars, and thus didn't face the same barriers to widespread apply equally dollar coins. The presidential aureate dollars didn't supersede the Sacagawea dollar coin first minted in 2000, either, merely were to be produced aslope that money.
Big plans grew for the presidential dollars, and Congress went well across merely creating the program. Information technology stipulated very specific requirements with the goal of returning to the "Golden Age of Coinage" initiated by President Theodore Roosevelt and spearheading an effort to create coins that didn't only serve equally tools for commercial substitution but that were also artful and cute.
How Did Congress Plan to Return to the "Golden Age of Coinage"?
The Presidential $1 Coin Act of 2005 proposed a list of specific requirements for the decorative new denomination to encourage a return to a legendary time in history when coins grew to be regarded as art. Half dozen of the many requirements the U.S. Mint and the coin designers were directed to incorporate include the following:
Each coin should exist "an object of aesthetic beauty in its own right."
"Mint marks" such as mottos, emblems and the inscription of the yr should be placed on the edges to allow for "larger and more dramatic artwork" on the obverse and reverse of each money.
The "tails" side of the coin would display a likeness of the Statue of Liberty large enough to be dramatic, but not so large that the coin would seem 2-headed.
The "heads" side of the coin would show the name and likeness of a president, along with bones data about that president, including their term(southward) of function and the club of their period of service.
Each year, $1 coins would be produced to honor iv presidents until all presidents were honored.
The projection would exist limited in scope to deceased presidents, non living current or onetime presidents. Featured presidents needed to have been deceased for at least two years before appearing on the coins.
So, how were these stipulations meant to hearken back to coinage's purported "golden age"? A few years after taking role in the early 20th century, President Theodore Roosevelt sent a alphabetic character to and 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 money. Roosevelt also asked Shaw if the Treasury would consider employing Augustus Saint-Gaudens, a Beaux Arts-era sculptor, to create some money designs that better represented the country via their dazzler. As a result, Saint-Gaudens created ii coins that take get dear amongst collectors: the $10 eagle and the $20 double hawkeye, both of which featured depictions of Lady Liberty and — yep — eagles.
The requirement for the Presidential $1 coins to feature the Statue of Liberty is a definite nod to the Saint-Gaudens designs and the "gold era" of coinage, but the level of detail — that need for "larger and more dramatic artwork" — is some other. The $20 double eagle coin reportedly needed to undergo xi split up strikes to bring out the high level of item 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 listen when passing the 2005 coin human action, that's the spirit in which the government wanted the presidential dollars to be designed: aplenty item and beauty to appropriately honor the leaders stamped across the coins' faces.
Does Every President Take a Golden Presidential Dollar?
In total, 40 American presidents have been honored with golden presidential dollars. The excluded presidents are Jimmy Carter, Bill Clinton, George Westward. Bush, Barack Obama and Donald Trump, who haven't been honored on coins because 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 $ane Coin Program as a cost-cutting mensurate. At the time, the U.S. Federal Reserve had stockpiled enough of these $i coins — more a billion — to meet demand for at least a decade. Biden and Geithner noted that the determination to stop the program would save taxpayer dollars because, according to a document released by the Treasury, "minting $one coins that ultimately terminate upwardly sitting in Federal Reserve Banking concern vaults –— and serve no useful purpose for businesses, financial institutions and consumers— is simply not a prudent use of taxpayer resources." Catastrophe production of these coins was a motility that would help the regime achieve its goal of creating less waste matter and would free up taxpayer coin in the procedure.
By the time the programme was terminated, the Mint had produced presidential gold dollars for all deceased presidents upward to and including Ronald Reagan and would produce no more than — salve for a four-year special run of coins produced until 2016 for collectors, along with one other exception. In Feb 2019, Senator John Cornyn introduced a neb for the production of a Presidential $i coin honoring President George H. Due west. Bush-league. The President George H. W. Bush and Outset Spouse Barbara Bush-league Money Act was passed into law in January of 2020, and the design of Bush Sr.'s coin was revealed on Dec 4, 2020.
How Many Presidential Golden Dollars Are Out There?
Over v billion golden presidential dollars were produced under the Presidential $1 Coin Program, not including the coin honoring President George H. W. Bush. The U.S. Mint produced the coins at its facilities in Denver, Colorado, and Philadelphia, Pennsylvania. The president honored with the highest full mintage (the number of coins produced) is President George Washington, with over 340,000,000 of these gold coins bearing his likeness having been produced. At the other terminate of the spectrum, the president with the lowest mintage is Woodrow Wilson at seven,980,000.
Product numbers dropped significantly midway through the running of the Presidential $1 Coin Program. Of the first 20 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 subsequently President Garfield (presidents Arthur to Reagan, skipping President Carter) were honored with far fewer coins. The highest mintage amongst those presidents was President Cleveland (with two separate runs of 9,520,000 and 14,600,001) followed closely by President Reagan (13,020,000).
Are Presidential Dollars Worth Anything?
Today, y'all can buy presidential gilt dollars from the U.S. Mint at specified times, though the coins are not part of its standard catalog. Until 2011, the coins were distributed past the Mint to banks and financial institutions, but that's no longer the case. The Mint still releases Presidential $1 coins into the "secondary market place," where yous can find them available for sale online and from money dealers. The U.S. Mint too releases 250-coin numberless and rolls of the dollar coins, which are typically available through dealers. For a brief time beginning in 2008, buyers could fifty-fifty society them through a programme chosen the $1 Money Straight Ship Program — but the program didn't last too long.
As for their value? Most of them are worth the corporeality stamped on their faces — $1. At dealers or from collectors, some earlier-mintage coins may be priced higher only based on the lower number of such coins available. Proof coins, which are samples made to check the dies that cut and postage stamp the coins, sometimes sell for up to $x apiece. The most valuable of the gilt presidential dollars are those that were produced with errors. One particular 2007 mintage of coins honoring President George Washington had missing border lettering, which can see those particular coins selling for $5,000 or more than.
Will you lot get rich off Presidential $one coins? Non likely, but, like collecting other objects, at that place's enough of fun in the chase and in learning the history of these coins and presidents — which, of course, was part of Congress' aim in the first 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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