Presidential dollar coins proposed

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Presidential dollar coins proposed

By Jennifer Brooks, Gannett News Service

WASHINGTON — Before long, American pockets could be jingling with dollar coins engraved with the faces of Ronald Reagan, Millard Fillmore and Bill Clinton, as Congress considers a plan to begin minting dollar coins to commemorate all the past presidents.

The Sacagawea coin will continue to be minted.  


Hoping to cash in on the popularity of the state quarter program — which has generated $5 billion in revenue and turned an estimated 140 million Americans into coin collectors — the House of Representatives began debate Tuesday on legislation that could turn the dollar coin into a collectable. The current dollar coin, which made its debut in 1998, features Sacagawea, the young Shoshone interpreter who guided the Lewis and Clark expedition. It has yet to come into widespread use.

The presidential coins would be minted at a rate of four presidents a year, starting with George Washington and working up to the modern day. Every former president, living and deceased, would be on a dollar coin if the bill becomes law. Sitting presidents would be excluded. Supporters hope the new twist would drive up demand for dollar coins that are now gathering dust in sock drawers and coin collections.

 
 
The tail side of the Sacagawea coin.


"That coin needs some sort of boost to do better," said Rep. Michael Castle, R-Del., who sponsored both the state quarter and the presidential dollar legislation. "The question is, will there be enough demand (for the new series) for a young person to walk into McDonald's and tell the cashier, 'I want a $1 coin in change.' "

Because coins are more durable than bills, the government could save as much as $500 million a year on printing costs if the public embraced the dollar coin, according to a 2002 report by the Government Accountability Office. The government minted just 6.7 million Sacagawea dollars last year, most of them destined for private coin collections.

In addition to the state quarters, the mint is rolling out a series of commemorative nickel designs celebrating the Lewis and Clark expedition.

"We've really seen a coin renaissance in the past few years," said Henrietta Holsman Fore, director of the U.S. Mint. "Coins tell the story of our nation. They help us reconnect with our history."

The dollar coin legislation is expected to win approval in both the House and Senate. But to get to the floor, Castle had to persuade North Dakota, which did not want to have one of its most famous residents, Sacagawea, booted off the dollar coin. The compromise calls for Sacagawea dollars to be minted with the presidential coins — and for the presidential coin rollout to wait until after the Lewis and Clark anniversary celebration ends in 2008.

http://www.usatoday.com/money/2005-04-26-dollar-usat_x.htm

Does this mean that the American $1 bills will be discontinued?

It is only a proposal that has barely begun debate in the US House of Representatives.  It has to pass there, then the Senate before the new coins can be minted.  And even then, it won't happen for several years.

Also note that Americans have been quite resistant to dollar coins in the past.  If they catch onto the new coins, then the government might decide to halt the $1 note.  But don't expect it to happen within the next decade.