In 2007, the U.S. Mint launched the Presidential Dollar Coin series, intending to commemorate past U.S. Presidents. However, despite initial interest, the series did not become as popular as expected.
Why Was the Presidential Dollar Coin Created?
The Presidential Dollar Coin Act, signed by President George W. Bush in 2005, aimed to improve the circulation of $1 coins. The idea was to honour each U.S. President by releasing a new dollar coin design every year. The Act also allowed the issuance of coins representing the Presidents’ spouses.
Interestingly, the Act stated that only deceased Presidents would be featured on the coins. If a living President died while the series was still ongoing, they could be added later. In 2020, the law was used to create a coin for George H.W. Bush, the only President added after the original series ended.
The series had an additional layer to it, with a separate bullion coin for the President’s spouse, even though it wasn’t required that the spouse had to be deceased.
What Happened to Sacagawea?
The Sacagawea Dollar, a coin dedicated to Native American history, was still minted alongside the Presidential Dollar, despite the Act’s aim to boost $1 coin circulation. The law required that only a third of the total $1 coins produced each year could be Sacagawea coins.
Large Mintages and Declining Interest
In the early years, the Mint produced hundreds of millions of Presidential Dollars. By 2011, a surplus of $1.4 billion worth of these coins sat unused in U.S. Treasury vaults, causing the Mint to scale back production. From 2012 onwards, coins were minted only to meet collectors’ demands, resulting in significantly lower mintages, ranging from 8 to 10 million coins annually.
In addition to the coins, the Mint tried to draw more collector interest with sets, including historical signature sets and commemorative cloth bags. However, these efforts were not as successful as expected.
Special Coin Products
One of the most unique products in the Presidential Dollar series was the Specimen-strike coins, produced from 2007 to 2010. These coins had a satin finish, achieved by sandblasting the dies used to strike them, but this approach didn’t win over collectors, and satin finishes were discontinued after 2010.
On the other hand, Coin & Chronicles Sets, which included exclusive Reverse Proof coins, were much more successful. These sets, released from 2015 to 2020, were popular with collectors. The 2015 sets, including coins for Truman, Eisenhower, Kennedy, and Johnson, sold out quickly, leaving many collectors frustrated by the lack of availability.
The “Godless” Dollar Controversy
One of the most memorable incidents in the Presidential Dollar series was the “Godless Dollar” error. When the George Washington Presidential Dollar was released in 2007, thousands of coins lacked edge lettering, which was supposed to include the date, mintmark, and the mottos E Pluribus Unum and In God We Trust.
This caused an uproar, leading to a moral panic in some circles, especially because Americans are deeply attached to the motto In God We Trust being present on currency.Despite the controversy, these “Godless Dollars” became a collector’s item.
Though similar errors occurred with other coins in 2007 and 2008, the label “Godless Dollar” only applies to those from the first two years, as the motto In God We Trust was moved to the front of the coin starting in 2009.
Year-by-Year Overview of the Presidential Dollar Series
The first Presidential Dollars were released in 2007, featuring George Washington, John Adams, Thomas Jefferson, and James Madison. These coins were not widely accepted in commerce, much like the Sacagawea Dollar before them.
From 2007 to 2016, and with one final release in 2020, the series honored Presidents with distinct obverse designs featuring their names, titles, and years in office. All coins shared a common reverse design of the Statue of Liberty, crafted by Mint Sculptor-Engraver Don Everhart.
Coin Specifications
The coins were made of a blend of copper, zinc, manganese, and nickel. Each coin weighed 8.1 grams and measured 26.55 mm in diameter. The edge of each coin was lettered with the date, mintmark, and mottos, except for the famous “Godless Dollar” error coins from 2007 and 2008.