WASHINGTON -- The U.S. Mint has announced a new series of circulating presidential $1 coins. They are being introduced as a result of the Presidential Coin Act of 2005, which calls for the minting of the coins to commemorate the service of former presidents in the order they served.
Like the Mint's 50 State Quarters Program on which it was modeled, the Presidential $1 Coin Program features a systematically rotating design. The first four $1 coins will commemorate George Washington, John Adams, Thomas Jefferson and James Madison.
According to a study commissioned by the Mint, about half of all Americans are interested in collecting the Presidential $1 Coins, but their appeal does not end with 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, U.S. Mint Director Edmund C. Moy said.
The designs of the coins feature traditional inscriptions moved to the edge to allow for larger images of the Presidents. These include E Pluribus Unum and In God We Trust, the year of minting or issuance and the mint mark, making these coins unique among today's U.S. circulating coins.
The new are identical in color and size to the Sacagawea Golden Dollar Coins, and have the same distinctive rim and tactile features to assist the visually impaired. Additionally, the new $1 coins carry the same electromagnetic signature as both the Sacagawea Golden Dollar coin and the Susan B. Anthony dollar coin, making them readily acceptable in vending machines that currently accept dollar coins.
The face of each coin will feature an image of a former President and the years of his term of office. The reverse of the coin shows an image of the Statue of Liberty and the inscriptions The United States of America and $1.
The Mint and the Federal Reserve System are working in partnership to make it easy for businesses and members of the general public to obtain the new coins as they are released. The Presidential $1 Coins will be shipped to banks and other financial institutions in rolls, unmixed with other dollar coins. For each new design, banks may order and store the coins up to two weeks prior to the introduction so they will have supplies on hand on the release date. The coins will be available in unmixed rolls for four weeks after the introduction of each design. When each new Presidential $1 Coin is released, the special ordering process begins again.
Each President will be honored with a single $1 coin, regardless of the number of consecutive terms he served. Grover Cleveland, the only United States President to serve non-consecutive terms, will be honored on two coins. No living former or current President can be honored on a coin.
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