Dollar coin (United States)
[5][6] The Federal Reserve has refused to order the coin from the mint for distribution citing a lack of demand, according to ex-Mint director Philip Diehl in November 2012.
[10] Several examples were also struck in brass and silver, but a circulating coin was not produced, in large part because of the financial difficulties of running the Revolutionary War.
The first silver dollars, precisely 1,758 of them, were coined on October 15, 1794, and were immediately delivered to Mint Director David Rittenhouse for distribution to dignitaries as souvenirs.
Original silver dollars from this period are highly prized by coin collectors and are exceptionally valuable, and range from fairly common to incredibly rare.
[14] Its creation was the result of a simple bookkeeping error, but its status as a highly prized rarity has been established for nearly a century and a half.
Since 1804 was the last recorded year of mintage for both the dollar and $10 Eagle, it was decided that the set would contain examples of those coins dated 1804, as well as the other denominations currently being produced.
This is the reason so many Morgan and Peace dollars can be purchased in AU or UNC condition (near perfect) since they sat in bank or U.S. Treasury vaults most of the time.
[15][16] The gold dollar was authorized by the Act of March 3, 1849, and the Liberty Head type began circulating soon afterward.
However, this did not stop unscrupulous persons from buying trade dollars at bullion value, and using them for payment as $1 to unsuspecting workers and merchants.
Production of the trade dollar was officially discontinued for business strikes in 1878, and thereafter from 1879 to 1885, produced only as proof examples of the coin.
In February 1887, all non-mutilated, non-chopmarked outstanding trade dollars were made redeemable to the United States Treasury for $1, and approximately 8 million of them were turned in.
[19] The 1921-dated coins are the most common, and there exists a substantial collector market for pristine, uncirculated specimens of the rarer dates and mint marks.
In 1922 the Mint made silver dollar production its top priority, causing other denominations to be produced sparingly if at all that year.
It is rumored that one or more pieces still exist, most notably any examples obtained by key members of Congress, the president, or mint officials.
[20] Because of the size and weight of the dollar coins, they circulated minimally throughout their history, except in the West (especially at casinos in the early-to-mid-20th century, where they were commonly used both at the tables and at slot machines.)
[citation needed] They were very popular as Christmas gifts, however, and from the 1930s to the early 1960s, many bags were annually released to banks nationwide to be distributed as presents.
In November 1962, during this annual distribution, it was discovered that there were some rare and valuable dates, still sealed in their original mint bags, all in uncirculated condition, among the millions of dollar coins still in the Treasury vaults.
It was discovered that there were millions of this specific date and mint in the Treasury vaults; an estimated 84% of the entire mintage sat in these bags, untouched for 60 years, all in uncirculated condition.
The coins were placed in special hard plastic holders and the General Services Administration (GSA) was given authorization to sell them to the public in a series of mail-bid sales.
[29] From 1971 to 1978, the U.S. Mint issued dollar coins with the obverse depicting President Dwight David Eisenhower and the reverse the insignia of the Apollo 11 Moon landing, both designed by Chief Engraver Frank Gasparro.
This made the circulation coins extremely resistant to wear and, like the smaller denominations, they still retain a good deal of shine even when subject to mass usage.
The coins were never very popular, primarily because of their large size and weight which made them inconvenient to carry, and the fact that very few vending machines were designed to accept them.
Prior to the withdrawal of the coins, which remain legal tender (and are sometimes available at banks by request), many casinos did not strike their own tokens, but instead used the Eisenhower dollar.
In November 1998, an exhibit of 123 submitted designs was held at the Casa Italiana Hall in Washington, D.C., to solicit public and private comment.
Since no verifiable image of Sacagawea exists, Goodacre used Randy'L He-dow Teton, a University of New Mexico college student and a Shoshone Indian, as a model for the coin.
The Mint took great care to create the coin with the same size, weight, and electromagnetic properties as the Anthony dollar, but with a golden color.
[36] While some consider the blackening an undesirable quality, the Mint suggests the uneven tarnishing effect gives the coins an "antique finish" that "accentuate[s] the profile and add[s] a dimension of depth to the depiction of Sacagawea and her child".
Like the Presidential Dollar, the year of issue, mint mark, and motto E Pluribus Unum are found on the edge of the coin instead of on the obverse or reverse, which allows for more room for the design.
The 2010 Sacagawea reverse depicts the Hiawatha Belt and five arrows bound together representing unity with the inscription "Haudenosaunee", a synonym for the Iroquois Confederacy meaning "People of the Longhouse".
Another inscription is found along the lower edge of the reverse spelling "Great Law of Peace" (an English translation of Gayanashagowa, the Iroquois Confederacy constitution).
