In an effort to bringing the collectible craze that was the "50 State Quarters" Program to a new denomination, Congress authorized the US Mint to start the "Presidential $1 Coin" Program, in which every year 4 different Presidents will be pictured on the front of the $1 Coin. This will run approximately 10 years, or until we run out of dead presidents. Federal law states that no living person can be put on any US money. The back of the $1 coin has also been changed to show the Statue of Liberty.
Note also that this does not mean the end of the Sacajawea dollar. The senators from North Dakota would only vote for this bill if language was inserted requiring that 1/4 of all dollar coins made continued to be Sacajawea dollars.
I see a couple problems with this:
1. No one cares about dollar coins. It's hard to collect money that you never see. 2. With how little most people see them, people are bound to be pretty surprised when they suddenly get a coin that has, say, Chester A. Arthur on it. 3. The first year just points out how ugly some of our presidents were.
I mean, seriously, John Adams looks like Ron Jeremy in that, and James Madison looks like the Phantom of the Opera.
Part of this congressional act (good to see Congress was spending its time doing important things) also called for changes to be made to the penny in 2009. The reverse will be changed (just in time for the bicentennial celebration of Lincoln's birth) to show 4 different scenes from Lincoln's life. After that, they will change the back of the coin *again*, this time to "bear an image emblematic of President Lincoln's preservation of the United States of America as a single and united country".
Let's say it costs $.25 to make one of these. For each one that gets taken out of circulation, the US Treasury "makes" $.75.
This is brilliant Someone can find the real numbers somewhere - but the point is that, like the quarters, this is a great way to make money for the US Govt. By getting citizens to trade $1 in money for $.25 in metal, they can fight inflation.
Originally posted by Zeruel The only way people will accept the coin is by taking away the one dollar bill. Then, everyone will complain that their pockets will be weighed down by all the dollar coins in it.
There were never any complaints on this side of the Atlantic when the pound note was abolished in favour of the coins. That being said, the dollar is so ridiculously weak at the moment, it probably won't matter either way...
Our cashiers use the 5 dollar bill slots as $1, $5, $10, $20, and Other (which has $50s, $100s, the odd $2, and checks), and the coin slots for Pennies, Nickles, Dimes, Quarters and Other (which has the odd Half Dollar and Dollar Coins we get, as well as the coin rolls).