Jump to content

Presidential dollar coins: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
No edit summary
No edit summary
Line 684: Line 684:
|-
|-
| 37
| 37
| [[Thelma Catherine Ryan Nixon]]
| [[Pat Nixon]]
| 2016
| 2016
| N/A
| N/A

Revision as of 22:48, 6 March 2007

The Presidential $1 Coin Program, Pub. L.Tooltip Public Law (United States) 109–145 (text) (PDF), 119 Stat. 2664 (December 22, 2005), is part of an Act of Congress that directs the United States Mint to produce $1 coins with engravings of the United States Presidents on the obverse.

Reverse of presidential dollar coin

Legislative history

File:George dollar.jpg
Obverse
Reverse
Stack showing writing on side

Senate Bill 1047 was introduced in the United States Senate 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.26760), 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 that was passed by both chambers.) The engrossed bill was presented to President George W. Bush on December 15, 2005, and he signed it into law on December 22, 2005.

Program details

The program began on January 1 2007, and is similar to the State Quarter program in that it will not end until every eligible subject is honored. The program will 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. The U.S. Mint calls it the Presidential $1 Coin Program.[1]

The reverse of the coins will bear the Statue of Liberty, the inscription '$1' and the inscription 'United States of America'. In addition, inscribed along the edge of the coin will be the year of minting or issuance of the coin, and also the legends E Pluribus Unum and 'In God We Trust.' The legend 'Liberty' will be 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".[2] The President Washington $1 Coin was first available to the public on President’s Day, 2007, the release date being February 15.

This marks the first time since the St. Gaudens Double Eagle that the United States has issued a coin with edge lettering for circulation. An edge lettered coin is rare in the world today outside the Eurozone. Edge lettered coins date back to the 1790s. The process was started to discourage the "shaving" of gold coin edges, a practice that was used to cheat payees.

The act had been introduced because of the failure of the Sacagawea $1 coin to gain wide-spread 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 will also educate the public about the history of the nation's Presidents. Should the coin not catch on with the general public, the Mint is hoping that collectors will be as interested in the dollars as they were with the State Quarters, which generated about $4.6 billion in seigniorage between January 1999 and April 2005, according to a report by the Congressional Budget Office.

Unlike the State Quarter program and the Westward Journey nickel series, which suspended the issuance of the current design during those programs, the act directs the Mint to continue to issue Sacagawea dollar coins during the Presidential series. At least one-fourth of the dollar coins issued in each year of the program must be Sacagawea dollars. (The law says "one-third", but that is of the total Presidential-series coins issued each year; that translates to one-fourth of total production.) Furthermore, the Sacagawea design is required to continue after the Presidential program ends. 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. However, Federal Reserve officials have indicated to Congress that "if the Presidential $1 Coin Program does not stimulate substantial transactional demand for dollar coins, the requirement that the Mint nonetheless produce Sacagawea dollars would result in costs to the taxpayer without any offsetting benefits." In that event, the Federal reserve indicates that it would "strongly recommend that Congress reassess the one-third requirement."[3]

Previous versions of the act called for removing from circulation dollar coins issued prior to the Sacagawea dollar, most notably the Susan B. Anthony dollar, but the version of the act that became law merely directs the Secretary of the Treasury to study the matter and report back to Congress. However, the act does require Federal government agencies (including the United States Postal Service), businesses operating on Federal property, and Federally-funded transit systems to accept and dispense dollar coins by January 2008, and to post signs indicating that they do so.[4]

Even though it would take about 11 years to honor all the Presidents (George W. Bush is the 43rd President and the act allows for a coin for each of Grover Cleveland's two non-consecutive terms), the series may not run that long. The act provides that no former President will be depicted on a coin within two years of his death, and the series will end when all the then-eligible Presidents have been honored.

Coin details

Dollar coins will be issued bearing the likenesses of Presidents, as follows:[5]

Release # President # President Release date Mintage figures Design in office
1 1 George Washington February 15, 2007 300,000,000[6] Washington dollar 1789 – 1797
2 2 John Adams May 18, 2007 N/A John Adams dollar 1797 – 1801
3 3 Thomas Jefferson August 17, 2007 N/A Jefferson dollar 1801 – 1809
4 4 James Madison November 16, 2007 N/A Madison dollar 1809 – 1817
5 5 James Monroe 2008 N/A N/A 1817 – 1825
6 6 John Quincy Adams 2008 N/A N/A 1825 – 1829
7 7 Andrew Jackson 2008 N/A N/A 1829 – 1837
8 8 Martin Van Buren 2008 N/A N/A 1837 – 1841
9 9 William Henry Harrison 2009 N/A N/A 1841
10 10 John Tyler 2009 N/A N/A 1841 – 1845
11 11 James K. Polk 2009 N/A N/A 1845 – 1849
12 12 Zachary Taylor 2009 N/A N/A 1849 – 1850
13 13 Millard Fillmore 2010 N/A N/A 1850 – 1853
14 14 Franklin Pierce 2010 N/A N/A 1853 – 1857
15 15 James Buchanan 2010 N/A N/A 1857 – 1861
16 16 Abraham Lincoln 2010 N/A N/A 1861 – 1865
17 17 Andrew Johnson 2011 N/A N/A 1865 – 1869
18 18 Ulysses S. Grant 2011 N/A N/A 1869 – 1877
19 19 Rutherford B. Hayes 2011 N/A N/A 1877 – 1881
20 20 James A. Garfield 2011 N/A N/A 1881
21 21 Chester A. Arthur 2012 N/A N/A 1881 – 1885
22 22 Grover Cleveland 2012 N/A N/A 1885 – 1889
23 23 Benjamin Harrison 2012 N/A N/A 1889 – 1893
24 24 Grover Cleveland 2012 N/A N/A 1893 – 1897
25 25 William McKinley 2013 N/A N/A 1897 – 1901
26 26 Theodore Roosevelt 2013 N/A N/A 1901 – 1909
27 27 William Howard Taft 2013 N/A N/A 1909 – 1913
28 28 Woodrow Wilson 2013 N/A N/A 1913 – 1921
29 29 Warren G. Harding 2014 N/A N/A 1921 – 1923
30 30 Calvin Coolidge 2014 N/A N/A 1923 – 1929
31 31 Herbert Hoover 2014 N/A N/A 1929 – 1933
32 32 Franklin D. Roosevelt 2014 N/A N/A 1933 – 1945
33 33 Harry S. Truman 2015 N/A N/A 1945 – 1953
34 34 Dwight D. Eisenhower 2015 N/A N/A 1953 – 1961
35 35 John F. Kennedy 2015 N/A N/A 1961 – 1963
36 36 Lyndon B. Johnson 2015 N/A N/A 1963 – 1969
37 37 Richard Nixon 2016 N/A N/A 1969 – 1974
38 38 Gerald Ford 2016 N/A N/A 1974 – 1977
39 or 40
(See below) 		40 Ronald Reagan 2016 N/A N/A 1981 – 1989
Other Presidents who may be honored:
Jimmy Carter, George H. W. Bush, Bill Clinton, George W. Bush, future Presidents.

The Act specifies that no former President may be depicted on a coin while he is still alive or within two years of his death. It also specifies that the series will end when every eligible President has been honored. Every former President who served after Ford is still alive with the exception of Reagan. Reagan, who died in 2004, will be honored, but the timing of the release of his coin is uncertain. If, in 2016, Jimmy Carter has been dead for at least two years, then Reagan's coin will be the 40th in the series. Otherwise (assuming Carter survives to the age of 90 or beyond), Reagan's coin will be the 39th (immediately following Ford's). In either case, Reagan's coin will be released sometime in 2016, as either the third or fourth in that year.

However, USA Today reported that "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" citing their source as the U.S. Mint. Carter will celebrate the 92nd anniversary of his birth in 2016, which calls into question whether Reagan will in fact be honored on a coin under the current program.

Once the program has terminated, continuation of the series for non-honored Presidents (who have died and were not included in this series) will require another act of Congress (31 USC § 5112(n)(8)).

First Spouse Program

The United States is honoring the first spouses of each of the Presidents honored by the Presidential $1 Coin Act by issuing one-half ounce $10 gold coins featuring their images, in the order that they served as first spouse, beginning in 2007. To date, all First Spouses have been First Ladies; however, the law uses the term "First Spouse" because that could change before the end of the program.

The obverse of these coins will feature portraits of the Nation’s First Spouses, their names, the dates and order of their term as first spouse, as well as the year of minting or issuance, "In God We Trust" and "Liberty." The United States Mint will mint and issue First Spouse Gold Coins on the same schedule as the Presidential $1 Coins issued honoring the Presidents. Each coin will have a unique reverse design featuring an image emblematic of that spouse’s life and work, as well as "The United States of America," "E Pluribus Unum," "$10," "1/2 oz." and ".9999 Fine Gold."

When a President served without a First Spouse, such as Thomas Jefferson, a gold coin will be issued bearing an obverse image emblematic of Liberty as depicted on a circulating coin of that era, and bearing a reverse image emblematic of themes of that President.

The act, as written, explicitly states that the first spouse coins will be released at the same time as their respective $1 president coins. [7] This means that it is entirely possible for a living first spouse to still be honored with a coin.

The United States Mint will also produce and make available to the public bronze medal duplicates of the First Spouse Gold Coins. A full listing of the coins is as follows:

Release # First Spouse Release date Mintage figures Front Design Reverse Design Dates Served
1 Martha Washington 2007 N/A N/A N/A 1789 - 1797
2 Abigail Adams 2007 N/A N/A N/A 1797 - 1801
3 Thomas Jefferson’s Liberty 2007 N/A N/A N/A 1801 - 1809
4 Dolley Madison 2007 N/A N/A N/A 1809 - 1817
5 Elizabeth Monroe 2008 N/A N/A N/A 1817 - 1825
6 Louisa Adams 2008 N/A N/A N/A 1825 - 1829
7 Andrew Jackson’s Liberty 2008 N/A N/A N/A 1829 - 1837
8 Martin Van Buren’s Liberty 2008 N/A N/A N/A 1837 - 1841
9 Anna Harrison 2009 N/A N/A N/A 1841
10 Letitia Tyler 2009 N/A N/A N/A 1841 - 1842
10A Julia Tyler 2009 N/A N/A N/A 1844 - 1845
11 Sarah Polk 2009 N/A N/A N/A 1845 - 1849
12 Margaret Taylor 2009 N/A N/A N/A 1849 - 1850
13 Abigail Fillmore 2010 N/A N/A N/A 1850 - 1853
14 Jane Pierce 2010 N/A N/A N/A 1853 - 1857
15 James Buchanan’s Liberty 2010 N/A N/A N/A 1857 - 1861
16 Mary Todd Lincoln 2010 N/A N/A N/A 1861 - 1865
17 Eliza Johnson 2011 N/A N/A N/A 1865 - 1869
18 Julia Grant 2011 N/A N/A N/A 1869 - 1877
19 Lucy Hayes 2011 N/A N/A N/A 1877 - 1881
20 Lucretia Garfield 2011 N/A N/A N/A 1881
21 Alice Paul 2012 N/A N/A N/A 1881 - 1885
22 Frances Cleveland 2012 N/A N/A N/A 1886 - 1889
23 Caroline Harrison 2012 N/A N/A N/A 1889 - 1893
24 Frances Cleveland 2012 N/A N/A N/A 1893 - 1897
25 Ida McKinley 2013 N/A N/A N/A 1897 - 1901
26 Edith Roosevelt 2013 N/A N/A N/A 1901 - 1909
27 Helen Taft 2013 N/A N/A N/A 1909 - 1913
28 Ellen Wilson 2013 N/A N/A N/A 1913 - 1914
28A Edith Wilson 2013 N/A N/A N/A 1915 - 1921
29 Florence Harding 2014 N/A N/A N/A 1921 - 1923
30 Grace Coolidge 2014 N/A N/A N/A 1923 - 1929
31 Lou Hoover 2014 N/A N/A N/A 1929 - 1933
32 Eleanor Roosevelt 2014 N/A N/A N/A 1933 - 1945
33 Bess Truman 2015 N/A N/A N/A 1945 - 1953
34 Mamie Eisenhower 2015 N/A N/A N/A 1953 - 1961
35 Jacqueline Kennedy 2015 N/A N/A N/A 1961 - 1963
36 Lady Bird Johnson 2015 N/A N/A N/A 1963 - 1969
37 Pat Nixon 2016 N/A N/A N/A 1969 - 1974
38 Elizabeth Ford 2016 N/A N/A N/A 1974 - 1977
39 or 40 Nancy Reagan 2016 N/A N/A N/A 1981 - 1989

[8]

Other provisions

The act also has two other provisions, for:

In 2009, numismatic cents that have the metallic copper content of cents minted in 1909 will be issued for collectors.

After 2009, yet another redesigned reverse for the Lincoln cent is supposed to be minted; this "shall bear an image emblematic of President Lincoln's preservation of the United States of America as a single and united country," and so may replace the Lincoln Memorial reverse in use since 1959. However, it could be argued that the Lincoln Memorial itself meets the requirements of the Act through its design elements (mainly the 36 columns representing the states at his death and the names of all 48 states when it was constructed), and currently, all 50 states, so it is theoretically possible that the Lincoln Memorial reverse could return.

Notes

  1. ^ http://www.usmint.gov/mint_programs/$1coin/index.cfm
  2. ^ http://www.usmint.gov/downloads/Whats_New/News_Views/2006-04.pdf
  3. ^ http://www.federalreserve.gov/boarddocs/testimony/2006/20060719/default.htm
  4. ^ http://www.usmint.gov/mint_programs/$1coin/index.cfm?action=RemoveBarrier
  5. ^ http://www.usmint.gov/mint_programs/$1coin/index.cfm?action=schedule
  6. ^ http://www.msnbc.msn.com/id/17162680/?GT1=9033
  7. ^ 31 USC 5112 (o)(5)(A) says: "IN GENERAL- The bullion coins issued under this subsection with respect to any spouse of a President shall be issued on the same schedule as the $1 coin issued under subsection (n) with respect to each such President."
  8. ^ Numismatist Magazine, February 2007, Volume 120, Number 2, Presidential Spouses, p. 29, Editor-in-Chief, Barbara J. Gregory

References

Retrieved from "https://en.wikipedia.org/w/index.php?title=Presidential_dollar_coins&oldid=113172933"