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EspañolDOLLAR (UNITED STATES COIN)
(Redirected from Silver Dollar)
'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 1 and 2 Australian Dollar coins, the 50 New Taiwan dollar coin, 100 Japanese yen coin, 1 euro coin and 2 euro coin.
Before the Revolutionary War, Spain minted silver "dollar" coins (also called pieces of eight or eight reales) in Mexico with silver mined from Central American mines. Theses coins were in abundant supply in the United States and were the coin of the realm after the failure of the Continental--America's first attempt at paper money. The failure of the Continental had caused a distrust of paper money amongst both the politicians and the populace at large. The letters of Thomas Jefferson indicate that he wished the United States to eschew paper money and instead mint coins of similar perceived value and worth.[1]
The U.S. Mint produced silver dollar coins from 1794 to 1803, then stopped regular production of silver dollars until 1836. The first silver dollars, precisely 1,758 of them, were coined on October 15, 1794 and were immediately delivered to Mint Director David Rittenhouse for distribution to dignitaries as souvenirs. [2] 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. Since 1804 was the last recorded year of mintage for both the dollar and $10 Eagle, it was decided that the set would contain examples of those coins dated 1804, as well as the other denominations currently being produced. Mint officials, not realizing that the 19,000+ dollars produced in 1804 were all dated 1803, proceeded to make new dies dated 1804. Little did they know the stunning rarity they were creating. 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. There are 8 Class I dollars, struck in 1834 for the aforementioned sets, 1 Class II dollar, struck over an 1857 Swiss Shooting Thaler (and now residing in the US Coin Collection at the Smithsonian Institute), and 6 Class III dollars, struck surreptitiously sometime between 1858 and 1860 to meet collecter demand for the coin.
Main articles: Seated Liberty dollar
Main articles: Gold dollar
Main articles: Trade Dollar (USA)
Main articles: Morgan Dollar
''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, and 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 (named for Leroy C. Van Allen and A. George Mallis, who did extensive research on the die charactertistics of this series.) The top 100 VAM varieties are highly collectible. As well, this is the most popular United States series collected by ''grade'', with "finest known" being a very attractive selling point.
The mint mark is found on the reverse below the wreath, above the 'O' in 'DOLLAR'.
One of the key Morgans is the proof-only 1895 (struck at the Philadelphia mint), which can sell for up to $100,000 in top condition. Since the rarity of the coin was not initially realized (there were 12,000 business strikes recorded, but these were later melted), and since the coins were available at the Mint for a modest premium from face value, circulated, or "impaired" specimens are known. Because no business strike exists for this date and mint, many collectors are forced to buy the proof, or settle for what is regarded as an incomplete date/mint collection. The rarest (by mintage) business strike Morgan is the 1893-S with a paltry 100,000 examples struck, and certainly not all examples survive. It is the "king" of all Morgan Dollars. A top condition (MS67 is currently the highest known) can bring nearly $1 Million at auction. 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, 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. Several coins in the series, while quite common in circulated condition, simply do not exist in uncirculated conditions, and can command hundreds of thousands of dollars apiece. 1901 is such a coin. So is 1884-S. There is a single known MS68 for the 1884-S and if sold at auction, that coin could easily bring $750,000-$1,000,000...for a "common" date coin!
Many of the spectacular rarities of the series, both by grade and absolutely, can be attributed to the order to melt down 270 million silver dollars still on hand by the Pittman Act of 1918. Because of this, and subsequent melting, it is estimated that only 17% of all Morgan dollars minted still survive, in every grade. However, that's still many millions of examples.
In the early 1960's, it was discovered in the vaults of the US Treasury that there were more millions of those dollar coins, still sealed in their original mint bags, lying around, all in uncirculated condition. There was a mad rush to obtain them, and collectors/investors/dealers lined up to grab them for $1 each. Before this event, the great rarity of the series was 1903-O, which was by far the most expensive of the entire set. It was discovered that there were millions of this specific date and mint in the Treasury vaults; an estimated 84% of the ENTIRE mintage sat in these bags, untouched for 60 years, all in uncirculated condition. While still relatively expensive in circulated grades, uncirculated examples can be had for several hundred, as opposed to several thousand or several hundred thousand, dollars.
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.
Main articles: Peace Dollar
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 Allied forces and Germany and Austria. These treaties officially ended the Allies 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 May of 1965, 316,000+ Peace Dollars were minted, all at the Denver Mint and dated 1964-D; however, plans for completing this coinage were abandoned, and most of those already minted were melted, with two known trial strike specimens being preserved (for assay purposes) until 1970, when they too were melted, and none released either for circulation or collection purposes. It is rumored that one or more pieces exist exist, most notably any examples obtained by key members of Congress, the President, or mint officials. However, this coin, much like the 1933 $20 gold Double Eagle (aside from the "exception", sold in 2002 for over $7 million), is illegal to own and would be subject to confiscation.
Because of 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.
Main articles: Eisenhower Dollar
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.
Main articles: Susan B. Anthony dollar
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 U.S. 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.
In keeping with American coins being referred to by a name rather than value (i.e. nickel for 5¢, dime for 10¢), this dollar is commonly referred to in many states as a "Suzy" or "Susie"; another variation is to refer to the coin as a "Susan B" or "Susie/Suzy B".
Main articles: American Silver Eagle
The American Silver Eagle (q.v.), a silver bullion coin, has a nominal value of one dollar, and is technically legal tender for that value; but it is not intended for circulation, as the cash value of the silver content considerably exceeds one dollar.
Main articles: Sacagawea dollar
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.[3]
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.
As of 2007, dollar coins are not widely encountered in commerce in the United States, except in vending machines for rides on mass transit, some pay and display machines, and U.S. Postal Service stamp vending machines, 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. Most vending machines have been redesigned, however, to accept dollar coins for purchase over a quarter-dollar. The Sacagawea dollar has achieved popularity in Ecuador, where the US dollar is also the official currency.[4]
Main articles: Presidential $1 Coin Program
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.[5] 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.[6] The fact that these national mottos appear on the edge has caused some conservative commentators to decry the designs.[7][8] The first dollar, honoring George Washington, was released into circulation on February 15, 2007.
A common[9] minting error on this coin is the omission of the edge lettering; instead, the outside edge of the coin is plain. Because the omission includes the words "In God We Trust", some in the popular media have dubbed it the "godless" coin. A false (although at one time widely reported) error is the report that the edge lettering is upside down. The edge lettering does not occur at the same time as the minting of the coins, allowing for the natural occurrence of the lettering in either orientation.
★ '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
★ 'Manganese-Brass dollar coins'
★
★ Sacagawea Dollar 2000–present
★
★ Presidential Dollar Coin Program 2007–present
★ United States Mint coin production
★ 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.
1. Murray Rothbard, ''A History of Banking in the United States''
2. Exhibition: Legendary Coins & Currency
3. [1]
4. [2]
5. http://money.cnn.com/2005/04/27/pf/new_dollar/
6. http://money.cnn.com/2006/11/20/news/dollar_coin.reut/index.htm
7. http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=53115
8. http://www.snopes.com/politics/religion/dollarcoin.asp
9. A current estimate is 80,000, from a mintage of 300,000,000 coins. Washington Dollar Update
★ Exhibition: Legendary Coins & Currency (National Museum of American History)
★ 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
★ Dollar coin series will feature presidents
'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 1 and 2 Australian Dollar coins, the 50 New Taiwan dollar coin, 100 Japanese yen coin, 1 euro coin and 2 euro coin.
Pre-Revolutionary dollar coins
Before the Revolutionary War, Spain minted silver "dollar" coins (also called pieces of eight or eight reales) in Mexico with silver mined from Central American mines. Theses coins were in abundant supply in the United States and were the coin of the realm after the failure of the Continental--America's first attempt at paper money. The failure of the Continental had caused a distrust of paper money amongst both the politicians and the populace at large. The letters of Thomas Jefferson indicate that he wished the United States to eschew paper money and instead mint coins of similar perceived value and worth.[1]
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. The first silver dollars, precisely 1,758 of them, were coined on October 15, 1794 and were immediately delivered to Mint Director David Rittenhouse for distribution to dignitaries as souvenirs. [2] 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. Since 1804 was the last recorded year of mintage for both the dollar and $10 Eagle, it was decided that the set would contain examples of those coins dated 1804, as well as the other denominations currently being produced. Mint officials, not realizing that the 19,000+ dollars produced in 1804 were all dated 1803, proceeded to make new dies dated 1804. Little did they know the stunning rarity they were creating. 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. There are 8 Class I dollars, struck in 1834 for the aforementioned sets, 1 Class II dollar, struck over an 1857 Swiss Shooting Thaler (and now residing in the US Coin Collection at the Smithsonian Institute), and 6 Class III dollars, struck surreptitiously sometime between 1858 and 1860 to meet collecter demand for the coin.
Seated Liberty dollar (1840–1873)
Main articles: Seated Liberty dollar
Gold dollar coins (1849–1889)
Main articles: Gold dollar
Trade Dollar (1873–1885)
Main articles: Trade Dollar (USA)
Morgan dollar (1878–1904; 1921)
The Morgan silver dollar
Main articles: Morgan Dollar
''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, and 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 (named for Leroy C. Van Allen and A. George Mallis, who did extensive research on the die charactertistics of this series.) The top 100 VAM varieties are highly collectible. As well, this is the most popular United States series collected by ''grade'', with "finest known" being a very attractive selling point.
The mint mark is found on the reverse below the wreath, above the 'O' in 'DOLLAR'.
One of the key Morgans is the proof-only 1895 (struck at the Philadelphia mint), which can sell for up to $100,000 in top condition. Since the rarity of the coin was not initially realized (there were 12,000 business strikes recorded, but these were later melted), and since the coins were available at the Mint for a modest premium from face value, circulated, or "impaired" specimens are known. Because no business strike exists for this date and mint, many collectors are forced to buy the proof, or settle for what is regarded as an incomplete date/mint collection. The rarest (by mintage) business strike Morgan is the 1893-S with a paltry 100,000 examples struck, and certainly not all examples survive. It is the "king" of all Morgan Dollars. A top condition (MS67 is currently the highest known) can bring nearly $1 Million at auction. 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, 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. Several coins in the series, while quite common in circulated condition, simply do not exist in uncirculated conditions, and can command hundreds of thousands of dollars apiece. 1901 is such a coin. So is 1884-S. There is a single known MS68 for the 1884-S and if sold at auction, that coin could easily bring $750,000-$1,000,000...for a "common" date coin!
Many of the spectacular rarities of the series, both by grade and absolutely, can be attributed to the order to melt down 270 million silver dollars still on hand by the Pittman Act of 1918. Because of this, and subsequent melting, it is estimated that only 17% of all Morgan dollars minted still survive, in every grade. However, that's still many millions of examples.
In the early 1960's, it was discovered in the vaults of the US Treasury that there were more millions of those dollar coins, still sealed in their original mint bags, lying around, all in uncirculated condition. There was a mad rush to obtain them, and collectors/investors/dealers lined up to grab them for $1 each. Before this event, the great rarity of the series was 1903-O, which was by far the most expensive of the entire set. It was discovered that there were millions of this specific date and mint in the Treasury vaults; an estimated 84% of the ENTIRE mintage sat in these bags, untouched for 60 years, all in uncirculated condition. While still relatively expensive in circulated grades, uncirculated examples can be had for several hundred, as opposed to several thousand or several hundred thousand, dollars.
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.
Peace dollar (1921–1928; 1934–1935)
The Peace silver dollar
Main articles: Peace Dollar
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 Allied forces and Germany and Austria. These treaties officially ended the Allies 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 May of 1965, 316,000+ Peace Dollars were minted, all at the Denver Mint and dated 1964-D; however, plans for completing this coinage were abandoned, and most of those already minted were melted, with two known trial strike specimens being preserved (for assay purposes) until 1970, when they too were melted, and none released either for circulation or collection purposes. It is rumored that one or more pieces exist exist, most notably any examples obtained by key members of Congress, the President, or mint officials. However, this coin, much like the 1933 $20 gold Double Eagle (aside from the "exception", sold in 2002 for over $7 million), is illegal to own and would be subject to confiscation.
Transition: Release of coins by the Treasury
Because of 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.
Eisenhower dollar (1971–1978)
Main articles: Eisenhower Dollar
The Eisenhower clad dollar (obverse).
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.
Anthony dollar (1979–1981; 1999)
Main articles: Susan B. Anthony dollar
The Anthony clad dollar.
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 U.S. 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.
In keeping with American coins being referred to by a name rather than value (i.e. nickel for 5¢, dime for 10¢), this dollar is commonly referred to in many states as a "Suzy" or "Susie"; another variation is to refer to the coin as a "Susan B" or "Susie/Suzy B".
American Silver Eagle (1986– )
Obverse of the American Silver Eagle
Main articles: American Silver Eagle
The American Silver Eagle (q.v.), a silver bullion coin, has a nominal value of one dollar, and is technically legal tender for that value; but it is not intended for circulation, as the cash value of the silver content considerably exceeds one dollar.
Sacagawea dollar (2000–Present)
Main articles: Sacagawea dollar
Obverse of the Sacagawea Dollar
The obverse was designed by artist Glenna Goodacre, using Shoshone Randy'L He-dow Teton as a model for Sacagawea.[3]
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.
As of 2007, dollar coins are not widely encountered in commerce in the United States, except in vending machines for rides on mass transit, some pay and display machines, and U.S. Postal Service stamp vending machines, 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. Most vending machines have been redesigned, however, to accept dollar coins for purchase over a quarter-dollar. The Sacagawea dollar has achieved popularity in Ecuador, where the US dollar is also the official currency.[4]
Presidential Dollar Coin Program (2007–2016?)
Obverse of the first coin in the Presidential Dollar Coin Program.
Main articles: Presidential $1 Coin Program
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.[5] 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.[6] The fact that these national mottos appear on the edge has caused some conservative commentators to decry the designs.[7][8] The first dollar, honoring George Washington, was released into circulation on February 15, 2007.
A common[9] minting error on this coin is the omission of the edge lettering; instead, the outside edge of the coin is plain. Because the omission includes the words "In God We Trust", some in the popular media have dubbed it the "godless" coin. A false (although at one time widely reported) error is the report that the edge lettering is upside down. The edge lettering does not occur at the same time as the minting of the coins, allowing for the natural occurrence of the lettering in either orientation.
List of designs
★ 'Silver dollar coins'
★
★ Flowing Hair 1794–1795
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★ Draped Bust 1795–1803
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★ Draped Bust, Small Eagle 1795–1798
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★
★ Draped Bust, Heraldic Eagle 1798–1803, 1804 (not a regular issue)
★
★ Gobrecht Dollar 1836–1839
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★ Seated Liberty 1840–1873
★
★
★ Seated Liberty, No Motto 1840–1865
★
★
★ Seated Liberty, With Motto 1866–1873
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★ 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'
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★ Liberty Head (Small Size) 1849–1854
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★ Indian Head (Large Size) 1854–1889
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★
★ Small Indian Head 1854–1856
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★ Large Indian Head 1856–1889
★ 'Copper-nickel clad dollar coins'
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★ Eisenhower Dollar 1971–1974, 1977–1978
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★ Eisenhower Bicentennial 1975–1976 (all dated 1976)
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★ Susan B. Anthony dollar 1979–1981, 1999
★ 'Manganese-Brass dollar coins'
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★ Sacagawea Dollar 2000–present
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★ Presidential Dollar Coin Program 2007–present
See also
★ United States Mint coin production
References
Books and articles
★ 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.
Web-based information
1. Murray Rothbard, ''A History of Banking in the United States''
2. Exhibition: Legendary Coins & Currency
3. [1]
4. [2]
5. http://money.cnn.com/2005/04/27/pf/new_dollar/
6. http://money.cnn.com/2006/11/20/news/dollar_coin.reut/index.htm
7. http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=53115
8. http://www.snopes.com/politics/religion/dollarcoin.asp
9. A current estimate is 80,000, from a mintage of 300,000,000 coins. Washington Dollar Update
External links
★ Exhibition: Legendary Coins & Currency (National Museum of American History)
★ 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
★ Dollar coin series will feature presidents
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