Dollar (United States coin)
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| Dollar (United States) | |
|---|---|
| Value: | 1 U.S. dollar |
| Mass: | 8.100 g (0.260 troy oz) |
| Diameter: | 26.5 mm (1.043 in) |
| Thickness: | 2.00 mm (0.079 in) |
| Edge: | Plain w/ incused inscriptions |
| Composition: | 88.5% Cu 6% Zn 3.5% Mn 2% Ni |
| Years of Minting: | 2007–Present |
| Catalog Number: | - |
| Obverse | |
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| Design: | Portraits of presidents, with a new coin released every three months |
| Designer: | Joe Menna |
| Design Date: | 2005 |
| Reverse | |
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| Design: | Statue of Liberty |
| Designer: | Don Everhart |
| Design Date: | 2005 |
Dollar coins have been minted in the United States in gold, silver, and base metal versions. Silver dollars, the first dollar coin issue, were minted beginning in 1794.
The term silver dollar is often used for any large white metal coin issued by the United States with a face value of one dollar; although purists insist that a dollar is not silver unless it contains some of that metal. Gold and gold-colored dollars have also been produced by the United States. The Sacagawea and Presidential dollars are usually referred to as "golden," despite not containing any gold.
Dollar coins have found little popular acceptance in modern circulation in the United States, despite several attempts since 1971 to phase in a coin in place of the one dollar bill. This contrasts with currencies of many other developed countries, where denomination of similar value is only in coin, such as the Canadian loonie and toonie, British 50 pence coin (as well as the 1 pound and 2 pound British coins), the 50 New Taiwan dollar coin, 100 Japanese yen coin, 1 euro coin and 2 euro coin. The failure to produce a dollar coin which differs significantly in size and shape from the quarter, weak publicity efforts, and the refusal to withdraw the dollar bill from circulation have been cited by coin proponents as primary reasons for the dollar coin's failure to gain popular support.[citation needed]
[edit] Pre-Revolutionary dollar coins
Before the Revolutionary War, Spain minted silver "dollar" coins (also called pieces of eight or eight reales) in Mexico with the silver produced by the local mines. They were in abundant supply in the United States. In fact, use of the term dollar was borrowed from those coins and the letters of Thomas Jefferson regarding currency indicate that he wished the United States to emulate the minting of coins of similar perceived value and worth.[1]
[edit] Early dollar coins (1794–1803, 1804)
The U.S. Mint produced silver dollar coins from 1794 to 1803, then stopped regular production of silver dollars until 1836. Original silver dollars from this period are highly prized by coin collectors and are exceptionally valuable, especially the 1804 silver dollar, which is one of the rarest and most famous coins in the world. The silver dollars actually struck in 1804 were dated 1803. (In those days, the practicalities of re-using old dies which were in relatively good condition outweighed all else.) The "actual" 1804 silver dollar (that is, the coin dated 1804) was produced in 1834, when the U.S. Department of State decided to produce a set of U.S. coins, to be used as gifts to rulers in Asia in exchange for trade advantages. At that time, silver dollar coins had last been produced in 1804, and hence, the coins struck for these sets were given the date of 1804. Only 15 silver dollars with the date of 1804 are known to exist; in 1999, one of them sold at auction for more than $4 million.
[edit] Seated Liberty dollar (1840–1873)
[edit] Gold dollar coins (1849–1889)
[edit] Trade Dollar (1873–1885)
[edit] Morgan dollar (1878–1904; 1921)
Morgan silver dollars were minted between 1878 and 1921, with a notable break between 1905 and 1920. The 1921-dated coins are the most common, but there exists a substantial collector market for pristine, uncirculated specimens of the rarer dates and mint marks. Morgan dollars are second only to Lincoln Cents in collector popularity. The large size, design and inexpensive nature of most dates of the Morgan dollar makes them highly popular. The coin is named after George T. Morgan, its designer. Some people collect Morgan dollars by "VAM" designation. The top 100 VAM varieties are highly collectible.
The mint mark is found on the reverse below the wreath, above the 'O' in 'DOLLAR'.
The "king" of the Morgan dollars is the proof-only 1895 with no mint mark (struck at the Philadelphia mint), which sell for $10,000 or more. Since the rarity of the coin was not initially realized, and since the coins were available at the Mint for a modest premium from face value, circulated, or "impaired" specimens are known. Most early Morgan dollars from the Carson City mint (with the CC mintmark) are worth a premium. Other rare dates include 1892-S, 1893, 1893-O, 1893-S, 1894, 1894-S, 1895-O, 1895-S, 1902-S, 1903-S, 1903-O, and 1904-S all coming in over $100 in circulated (very fine) condition. Many coins exceed $100 in uncirculated condition, but the majority do not. A common date in uncirculated can normally be found for around $20, and often as little as $8 circulated and $12 uncirculated.
High-grade Morgan dollars could be considered "investor" coins. This is because the price is very volatile, and the prices set for certified ("slabbed") pieces are set on well-established exchanges. Sight-seen trading often exceeds these sight-unseen prices, but the fact that the sight-unseen prices are posted is seen as a boon to investors.
A Belly button Dollar is a variety of the 1884 silver dollar which has a depression on the eagle's lower abdomen, forming what appears to be a belly button, caused by a flawed die.
[edit] Peace dollar (1921–1928; 1934–1935)
Introduced in December of 1921, the Peace dollar, designed by medalist Anthony de Francisci, was promulgated to commemorate the signing of formal peace treaties between the United States on the one hand, and Germany and Austria on the other, thus officially ending America's World War I hostilities with these two countries. In 1922 the Mint made silver dollar production its top priority, causing other denominations to be produced sparingly if at all that year. Production ceased temporarily after 1928; original plans apparently called for only a one year suspension, but this was extended by the Great Depression. Mintage resumed in 1934, but for only two years.
In 1964, a small run of Peace Dollars was produced, all at the Denver Mint; however, plans for completing this coinage were then abandoned, and all those already minted were melted, with no known specimens being preserved or released either for circulation or collection purposes. If it did exist, this coin would be illegal to own and be subject to confiscation.
[edit] Transition: Release of coins by the Treasury
Due to the size and weight of the coins, they circulated minimally (more commonly in the West), except at casinos, where they were commonly used both at the tables and at slot machines. Accordingly, the Treasury maintained huge stocks of the coins. When the price of silver rose, the public exchanged large quantities of Silver Certificates for Morgan and Peace Dollars (causing many dates once thought rare to become less so). The Treasury quickly moved to limit, and by 1967 eliminate, the exchange of notes for silver.
Following this, the Treasury began to inventory its remaining stock of dollars, and found it had a large number of Carson City mint Morgan dollars, which even then carried a premium. In 1973, the Treasury placed them in individual holders and invited the public to bid on them. The sale was a success. Over the years, many coins have been broken out of the special holders for purposes of grading or otherwise.
[edit] Eisenhower dollar (1971–1978)
From 1971 to 1978, the U.S. Mint issued dollar coins with the obverse depicting Dwight D. Eisenhower and the reverse the insignia of the Apollo 11 moon landing, both designed by Chief Engraver Frank Gasparro. The 1976 Bicentennial commemorative design, produced in 1975 and 1976, featured the Liberty Bell and the Moon on the reverse (designed by Dennis R. Williams), while retaining the Eisenhower obverse. The Eisenhower dollars contained no silver or gold, but were instead composed of the same copper-nickel clad composition used for the dime, quarter, and half dollar. This made the coins extremely resistant to wear and, like the smaller denominations, they still retain a good deal of shine even when subject to mass usage.
The coins were never very popular, primarily due to their large size and weight which made them inconvenient to carry and the fact that very few vending machines were designed to accept them. They saw the greatest use in casinos, and one-dollar tokens in United States casinos still approximate the size and weight of the coins. Prior to the withdrawal of the coins, which remain legal tender, many casinos did not strike their own tokens, but instead used the Eisenhower dollar.
[edit] Anthony dollar (1979–1981; 1999)
For the short duration of 1979 to 1981, the Mint produced Anthony Dollars, depicting Susan B. Anthony, the first non-fictitious woman portrayed on circulating US coinage. (Many earlier circulating coins featured images of women, but the women depicted were all non-specific representations of Liberty. Spain's Queen Isabella was portrayed along with Christopher Columbus on the 1893 World's Columbian Exposition commemorative half dollar, but it was not a circulating coin.) The Anthony dollars, like the Eisenhower dollars, were made from a copper-nickel clad. The 1981 coins were issued for collectors only, but occasionally still show up in circulation.
Susan B. Anthony dollar coins were sometimes referred to as "Carter quarters". This was a snide reference to both the deterioration of the value of the dollar during Jimmy Carter's term and the Anthony dollar's strong physical resemblance to the quarter, often causing it to be mistakenly spent as such. They were quickly discontinued, but were resurrected in 1999 when the Mint decided its reserves of dollar coins were getting low (and the Sacagawea dollar was still a year away from production). While reserves of the coins were initially high, the coins were in demand to be used as change in vending machines, most often in transit systems and post offices.
[edit] Sacagawea dollar (2000–Present)
The Sacagawea dollar was authorized by Congress in 1997 because the supply of Anthony dollars, in inventory since their last mintage in 1981, was soon expected to be depleted. Delays in ramping up Sacagawea dollar production led to a final 1999-dated mintage of Susan B. Anthony dollars. As predicted by Coin Coalition representatives at Congressional hearings on the United States $1 Coin Act of 1997, the government's failure to eliminate the U.S. one dollar bill prevented the Sacagawea dollar from being widely circulated. While dollar coins are used infrequently in general commerce, they are used in place of tokens in some areas and are given as change in many United States Postal Service stamp vending machines, creating a relatively small but significant demand.
The obverse was designed by artist Glenna Goodacre, using Shoshone Randy'L He-dow Teton as a model for Sacagawea [1].
There are approximately 1 billion Sacagawea coins in circulation and about 250 million more in reserve. The United States Mint greatly reduced production of Sacagawea dollars after the 2001 minting, citing sufficient inventory. As of 2006, the dollar is still being minted for collectors, and is available in Uncirculated Rolls, Mint Sets, and Proof Sets, but has not been released for general circulation since 2001.
The Mint took great care to create the coin with the same size, weight, and electromagnetic properties as the Anthony dollar, but with a golden color. Unfortunately, the selected alloy has a tendency to tarnish quite severely in circulation (unlike Canadian dollar coins, which retain their yellowish appearance in circulation), ruining the "golden" effect. Being able to easily co-circulate the coin with the Anthony dollar was considered a higher priority than maintaining a consistent coloring, despite the fact that the Anthony dollar had virtually no circulation and many vending machines had to be recalibrated to accept the new coins anyway.
As of 2006, dollar coins are seldom encountered in commerce in the United States, except in vending machines dispensing tickets, tokens, or cards for rides on mass transit in or near large cities (which offer the coins as change from a $5 or larger bill where necessary) and at some casinos, where they are used in slot machines. They are also given as change in U.S. Postal Service stamp vending machines at post offices and elsewhere. However, the Sacagawea dollar has achieved popularity in Ecuador, where the US dollar is also the official currency.
[edit] Presidential Dollar Coin Program (2007–)
In December 2005, Congress decided to create a new series of $1 coins which will honor the former U.S. Presidents. Beginning in 2007, four new coins will be produced per year, honoring the Presidents in order of service. (Grover Cleveland will be on two coins, since he served two non-consecutive terms.) The Presidential $1 Coin Act is intended to create renewed interest in the coin like that seen during the 50 State Quarters program.[2] At least one third of all dollar coins produced are still Sacagawea coins, with the remaining coins making up the four Presidential coins annually. Under federal law (31 U.S.C. § 5112), no coins may be issued featuring a living President, or a President who died less than two years earlier. The program will run until at least 2016 with the coin commemorating Ronald Reagan, but may continue longer depending on the longevity of the currently living former Presidents, and the longevity of the current President or Presidents yet to be elected.
The Presidential dollar coin is similar in size and color to the Sacagawea, but bears no inscription on the obverse (or face) side. "In God We Trust", "E Pluribus Unum", the issue year, and the mint mark appear on the edge.[3] The fact that these national mottos appear on the edge has caused some conservative commentators to decry the designs.[citation needed] The orientation of the text appears to be independent of relative position to the face designs. Some early released coins had some or all edge lettering omitted, the first known error coin of the series.
The first dollar, honoring George Washington, was released into circulation on 15 February.
[edit] List of designs
- Silver dollar coins
- Flowing Hair 1794–1795
- Draped Bust 1795–1803
- Draped Bust, Small Eagle 1795–1798
- Draped Bust, Heraldic Eagle 1798–1803, 1804 (not a regular issue)
- Gobrecht Dollar 1836–1839
- Seated Liberty 1840–1873
- Seated Liberty, No Motto 1840–1865
- Seated Liberty, With Motto 1866–1873
- Trade Dollar 1873–1878, 1879–1885 Proof Only
- Morgan Dollar 1878–1904, 1921
- Peace Dollar 1921–1935
- Peace Dollar (High Relief) 1921
- Peace Dollar (Low Relief) 1922–1928, 1934–1935
- Gold dollar coins
- Liberty Head (Small Size) 1849–1854
- Indian Head (Large Size) 1854–1889
- Small Indian Head 1854–1856
- Large Indian Head 1856–1889
- Copper-nickel clad dollar coins
- Eisenhower Dollar 1971–1974, 1977–1978
- Eisenhower Bicentennial 1975–1976 (all dated 1976)
- Susan B. Anthony dollar 1979–1981, 1999
- Eisenhower Dollar 1971–1974, 1977–1978
- Manganese-Brass dollar coins
- Sacagawea 2000–present
- Presidential 2007–present
[edit] See also
[edit] References
- Comprehensive Catalog and Encyclopedia of Morgan and Peace Dollars, ISBN 0-9660168-2-3
- Financial Impact of Issuing the New $1 Coin, GAO/GGD-00-111R, Apr. 7, 2000.
- New coin unlikely change?, Steve Cranford, Charlotte Business Journal, July 21, 2000.
[edit] Notes
- ^ Murray Rothbard, A History of Banking in the United States
- ^ http://money.cnn.com/2005/04/27/pf/new_dollar/
- ^ http://money.cnn.com/2006/11/20/news/dollar_coin.reut/index.htm
[edit] External links
- Pictures of United States dollar coins
- Comprehensive United States coin reference
- United States Small Size Dollar Coins, 1979-Present
- US Dollar Virtual Coin Museum
- United States Mint
- "New coins will depict dead former presidents", The Boston Globe, December 14, 2005.
- "Dollar coin series will feature presidents", USA Today, December 15, 2005.
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| Topics | Federal Reserve System · Federal Reserve Note · U.S. dollar · U.S. Mint |
| Current coinage | Cent (penny) · Nickel (5¢) · Dime (10¢) · Quarter dollar · Half dollar · Dollar |
| Paper money | $1 · $2 · $5 · $10 · $20 · $50 · $100 · Larger denominations |
| See also | Commemoratives · Confederate dollar · Fake denominations · Obsolete denominations |
