PRESIDENTIAL $1.00 COIN PROGRAM
TRADITIONAL SUBJECTS, UNIQUE DESIGN
The Presidential $1 Coin Act (Public Law 109-145) passed by the United States Congress and signed by the President, honors its past Chief Executives with a unique series of Presidential $1 Coins. Four Presidential $1 Coins will be issued every year, through at least 2016, in the order in which the Presidents served. Each will have a reverse design featuring a striking rendition of the Statue of Liberty. In the Presidential $1 Coin Programís inaugural year, 2007, the United States Mint will mint and issue Presidential $1 Coins commemorating George Washington, John Adams, Thomas Jefferson and James Madison. The first coin, featuring George Washington, will be available to the public and businesses from their financial institutions on February 15, 2007, just in time for Presidentsí Day. [ Coin release schedule ]
The new Presidential $1 Coins are identical size, weight and metal composition to 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.
Several unique features make these coins distinctive. They will feature large, dramatic artwork, as well as edge-incused inscriptions of the year of minting or issuance, "E Pluribus Unum," "In God We Trust" and the mint mark. The of the new Presidential $1 Coin will be identical to that of the Sacagawea Golden Dollar,
Strong Public Interest Expected
Because the Presidential $1 Coin Program is a circulating coin series, and similar to the United States Mintís popular 50 State Quarters® Program, the new coins are expected to generate strong public interest. As the 50 State Quarters Program demonstrated, a systematically rotating design on circulating U.S. coins can increase demand. A survey conducted for the United States Mint suggests the new coins will be widely collected, with half of survey respondents indicating they plan to collect new $1 coins. Additionally, the majority of the respondents said they would accept the $1 coins in change. The survey indicated many collectors expect to obtain Presidential $1 Coins at their local depository institutions and at businesses.
The Presidential $1 Coin Act of 2005 requires the capability to accept and dispense the $1 coin by all Federal Government agencies, the U.S. military, transit systems receiving Federal funds, and businesses operating on Federal Government premises by January 1, 2008.
The circulating coins will be distributed exclusively to depository institutions, which will provide them to the general public and businesses.
Each Presidential $1 Coin will have a six-week period during which the Federal Reserve will distribute the new coins to depository institutions only in wrapped, unmixed rolls of $25, packaged in boxes of $1,000. The minimum order will be $1,000. These unmixed boxes will be available for order from two weeks prior to each coin's release date through four weeks after its introduction. Coins received prior to the appointed release dates must be securely stored until the scheduled debut. The boxes will be sealed and clearly indicate the date on which they can be released to the public.
Initial research shows that the George Washington $1 Coin will be among the most popular of the Presidential $1 Coins. Depository institutions can begin ordering on February 1, 2007. Release to businesses and the public will begin two weeks later on February 15, 2007. Depository institutions will be able to continue ordering unmixed quantities of the George Washington $1 Coin for four weeks following the coinís release date. After the six-week period, the Federal Reserve will fill orders for $1 coins using its customary practice of providing loose, mixed dollar coins in bags. When each new Presidential $1 Coin is released, the special ordering process begins again.
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