Presidential $1 Coin Act of 2005

Presidential $1 Coin Act of 2005 was signed into law by President George W. Bush on December 22, 2005, with the aim of honoring the Presidents of the United States by issuing a series of United States dollar coins featuring their portraits. The act was sponsored by Senator John E. Sununu and Representative Mike Castle, and it built upon the success of the 50 State Quarters program, which was launched in 1999 and featured quarters with designs representing each of the United States. The program was also influenced by the Westward Journey nickel series, which was introduced in 2004 and featured nickels with designs commemorating the Lewis and Clark Expedition. The United States Mint played a crucial role in the development and implementation of the program, working closely with the Federal Reserve and the Department of the Treasury.

Introduction

The Presidential $1 Coin Act of 2005 was designed to promote the study and appreciation of American history, particularly the lives and achievements of the Presidents of the United States, including George Washington, Thomas Jefferson, Theodore Roosevelt, and Franklin D. Roosevelt. The act also aimed to increase the circulation of United States dollar coins, which had been relatively low since the introduction of the Susan B. Anthony dollar in 1979, and to reduce the costs associated with producing and maintaining the penny and nickel. The program was also seen as an opportunity to honor the contributions of First Ladies of the United States, such as Martha Washington, Dolley Madison, and Eleanor Roosevelt, through a related series of First Spouse gold coins. The American Numismatic Association and the Numismatic Guaranty Corporation played important roles in promoting the program and educating the public about the new coins.

Legislative History

The Presidential $1 Coin Act of 2005 was introduced in the United States Senate on June 15, 2005, by Senator John E. Sununu, and it was referred to the United States Senate Committee on Banking, Housing, and Urban Affairs. The bill was passed by the Senate on July 13, 2005, and it was then sent to the United States House of Representatives, where it was passed on December 13, 2005. The bill was signed into law by President George W. Bush on December 22, 2005, at a ceremony attended by Senator John E. Sununu, Representative Mike Castle, and Director of the United States Mint Edmund C. Moy. The Federal Reserve and the Department of the Treasury worked closely with the United States Mint to implement the program, which was also supported by the American Numismatic Society and the Professional Coin Grading Service.

Provisions

The Presidential $1 Coin Act of 2005 authorized the production of a series of United States dollar coins featuring the portraits of the Presidents of the United States, in the order in which they served. The act also provided for the production of First Spouse gold coins, which would feature the portraits of the First Ladies of the United States. The coins were to be made of a cupro-nickel alloy, with a diameter of 26.5 mm and a weight of 8.1 grams. The act also required that the coins be produced in Philadelphia and Denver, and that they be distributed through the Federal Reserve and the United States Mint. The United States Treasury Department and the Bureau of Engraving and Printing played important roles in the design and production of the coins, which were also supported by the National Numismatic Collection and the Smithsonian Institution.

Design

The design of the Presidential $1 Coin series was developed by the United States Mint, in consultation with the Commission of Fine Arts and the Citizens Coinage Advisory Committee. The coins feature the portraits of the Presidents of the United States, along with their names, the dates of their terms in office, and the motto In God We Trust. The reverse of the coins features a design representing the Statue of Liberty, which was designed by Auguste Bartholdi and built by Gustave Eiffel. The First Spouse gold coins feature the portraits of the First Ladies of the United States, along with their names and the dates of their husbands' terms in office. The coins were designed by Artistic Infusion Program artists, including Joel Iskowitz and Don Everhart, and were sculpted by United States Mint sculptor-engravers, including Phebe Hemphill and Charles Vickers.

Release and Circulation

The first coins in the Presidential $1 Coin series were released on February 15, 2007, and featured the portraits of George Washington, John Adams, Thomas Jefferson, and James Madison. The coins were released at a rate of four per year, with the final coins in the series being released in 2016. The coins were distributed through the Federal Reserve and the United States Mint, and were available for purchase through the United States Mint website and at banks and other financial institutions. The First Spouse gold coins were also released in 2007, and were available for purchase through the United States Mint website and at coin dealers and other retailers. The American Numismatic Association and the Numismatic Guaranty Corporation played important roles in promoting the coins and educating the public about their significance.

Impact and Legacy

The Presidential $1 Coin Act of 2005 has had a significant impact on the numismatic community, with the Presidential $1 Coin series and the First Spouse gold coins becoming highly popular among coin collectors. The program has also helped to increase the circulation of United States dollar coins, and has reduced the costs associated with producing and maintaining the penny and nickel. The program has also promoted the study and appreciation of American history, particularly the lives and achievements of the Presidents of the United States and the First Ladies of the United States. The United States Mint has continued to produce new coins and programs, including the America the Beautiful Quarters series and the American Eagle coin program, which have helped to promote the numismatic hobby and to educate the public about the significance of coins and currency. The Smithsonian Institution and the National Numismatic Collection have also played important roles in promoting the program and preserving the history of American numismatics. Category:United States coinage