What's the Word On: Presidential $1 Coins
What's the Word On: Presidential $1 Coins
Q: What is the Presidential $1 Coin?
A: Many Iowa families have made the U.S. Mint's popular 50 State Quarters® program an enjoyable learning tool for their children and grandchildren. As a life-long public servant, I'm tickled to observe genuine enthusiasm when kids show their parents a state quarter they haven't yet seen. It offers a built-in civics lesson at the cash register. The program has sparked interest among a new generation of amateur coin collectors and arguably helped feed the curiosity of school-age children about the 50 states. The unprecedented 10-year quarters program ends in 2008 after which the U.S. Mint will resume circulating the "Eagle" quarter. In an effort to tap into the public's interest generated by the 50 State Quarters® program, Congress passed "The Presidential $1 Coin Act of 2005" to help promote consumer acceptance of $1 coins and honor the service and leadership of America's presidents. Congress instructed the U.S. Mint to launch a rotating series of Presidential $1 coins beginning in 2007. The $1 coins will be issued for both regular commercial use and coin collecting. The U.S. Mint will give the public a sneak peek of the first four designs on Nov. 20 featuring $1 coins honoring George Washington, John Adams, Thomas Jefferson and James Madison.
Q: When will the general public see the new $1 coins in regular circulation?
A: Just in time for President's Day, the U.S. Mint will issue the first Presidential $1 Coin on February 15, 2007. After George Washington, the U.S. Mint will roll-out the next Presidential $1 Coin every three months through at least 2016. According to the schedule, Iowans will have to wait until 2014 for the U.S. Mint to release the $1 coin for the 31st president, Iowa's own Herbert Hoover.
Q: Do you expect the $1 coin to become popular in regular commerce?
A: Congress intended for the new Presidential $1 Coins to trigger greater use and widespread acceptance of $1 coins, including the Golden Dollar Coin featuring Sacagawea, currently in circulation. From vending machines to bus fare, $1 coins arguably would lend greater convenience to consumers. The new Presidential $1 Coin will feature the same distinguishing traits as the Golden Dollar coin, including its golden color, extra-wide border and smooth edge. For the first time since the 1930s, it also will feature edge (indented) lettering. As chairman of the Senate Finance Committee, which has oversight authority of the U.S. Treasury, I've reminded Treasury officials about the objective to expand consumer acceptance of $1 coins. I've written the Treasury Department to lead and coordinate efforts across the government, especially the Department of Defense, Postal Service, Department of Transportation and General Services Administration to remove barriers that discourage the use of $1 coins. The Presidential $1 Coin program also will tap into the curiosity of young learners. The U.S. Mint will feature free lesson plans starting in February regarding the coins, U.S. presidents and U.S. history for grades K12 on its website www.usmint.gov/kids.
http://grassley.senate.gov/index.cfm?FuseAction=WordOn.Detail&WordOn_id=296&Year=2006