Types of US Dollar Coins

In the years since silver was removed from our circulating coinage in 1964, there have been multiple attempts to create a dollar coin that would be used for commerce that would save the taxpayers money since coins last much longer than paper bills. In fact, coins typically last  around 15 years, while paper money only lasts about 18 months. Plus, coins generate millions of dollars in seigniorage for the taxpayer – the difference between their face value and the minimal cost to produce them. Continue reading to learn more about US Dollar Coins.

But every modern U.S. dollar coin issued since 1971 when the Eisenhower dollar debuted has been a failure as a circulating coin because most Americans continue to prefer to use paper currency for the $1 denomination rather than carry around coins. Even before the explosion in electronic transactions, dollar coins were widely perceived as cumbersome.

In 2011, the Obama administration announced that because the Federal Reserve had amassed a large hoard of presidential dollars that were barely circulating, dollar coins would no longer be issued for that purpose and would only be struck for collectors.

As numismatic collectibles, modern dollar coins have had a better track record for the most part with some series such as the Eisenhower dollars and Native American dollars being quite popular with collectors . However, many collectors were puzzled when the Congress authorized another new $1 coin about five years ago, the Innovation dollar program, partly because they failed to fully understand the concept behind it.

Since 1971 these are the six different types of U.S. dollar coins that have been issued in the modern era:

• Eisenhower dollars, 1971-78
• Susan B. Anthony dollars, 1979-1981, 1999
• Sacagawea, 2000-2008
• Native American dollars, 2009 to present
• Presidential dollars, 2007 to 2016, 2020
• American Innovation dollars, 2018 to present

Eisenhower dollars

The launch of the Eisenhower dollar in 1971 was mostly done in response to requests from casinos in Western states where large dollar coins had long been popular, and over the course of the period when they were struck, that was where the coins tended to circulate the most.

The coins were initially also popular with the public largely because of the widespread popularity of the former president, general and Allied forces commander from World War II whose appeal transcended political boundaries. The reverse motif that was inspired by the Apollo 11 mission patch was also popular.

The coin’s design was modified to mark the nation’s bicentennial in 1976 when dual dated “1776-1976” coins were issued, and the series was briefly reprised for two more years after this. But for most Americans the coins were just too bulky.

With collectors, the series has made a comeback in recent years, and the many die varieties of this coin are especially popular for those who specialize in the series. The 40% silver versions of this dollar coin issued in uncirculated and Proof versions are also popular with collectors.

Susan B. Anthony dollar

In the late 1970s, the U.S. Congress commissioned a study on creating a new dollar coin that would not be as bulky as those Ike dollars, which was strongly supported by the vending machine industry. The coin that was eventually issued in 1979,  the Susan B. Anthony dollar, would become a poster child for misguided governmental efforts to get Americans to use dollar coins in commerce.

The fact that the coin featured a rather unflattering portrait of suffragist Anthony did not help, but the key problem is that the coin was as the Treasury department noted,  only 9% larger in diameter than a quarter, 43% heavier than quarters and was also the same color as those coins because of its copper-nickel composition. The first two factors along with the cost of just 3 cents to produce each coin were viewed by the Treasury as advantages over the Eisenhower dollars, but the coins were easily confused with quarters and never became popular with the public despite a major public campaign to get them circulating.

By the late 1990s, the coins struck two decades earlier had been depleted in Treasury storage. Dollar coins were being used more widely, primarily in vending machines and mass transit. A new, golden colored dollar, the Sacagawea $1, would begin being issued in 2000, and to ensure enough dollar coins were available, the Anthony dollar came back for just a year in 1999.

Sacagawea dollar

In the late 1990s a group of congressional legislators pushed again for  a dollar coin, but this time they reasoned the coins would become more widely accepted by the public because they would be golden in color and have a plain rather than reeded edge. Plus, the new  Sacagawea dollar series would be issued to honor Sacagawea, the young Native-American who assisted Louis and Clark during their famous expedition to the Pacific Northwest, which resulted in an attractive design created by Glenna Goodacre that remains popular.

However, expectations for the coin once again proved to be overly optimistic, and before long millions of Sacagawea dollars were piling up in Treasury vaults. The series ended in 2008 but was reprised the following year with a change.

Native American dollars

The new version of this coin featured a different reverse design each year of a Native American theme, which has made the coins popular with collectors and a fun series to collect. However, Congress also mandated that the dates and mintmarks for each of these coins be placed on the edge, where it is difficult to see, especially if the coins are housed in an album, which may have hurt their appeal for collectors.

A significant aspect to the popularity of the ongoing Native American dollar for collectors is that there are some scarce issues such as the 2015-W enhanced uncirculated dollar, which was the first coin of this type struck at the West Point Mint and the first to feature that finish. Plus, only 88,805 of those coins were made, and when they were issued, the Mint did not publicize the fact that they were so special and left it to collectors to discover that.

Presidential dollars

The same 2005 bill that authorized the 50-state quarter program, which was a major success, also created the  Presidential $1 coin program issued from 2006 through 2016 that was thought to have ended with the coin for Ronald Reagan. But after the passing of George H.W. Bush in 2019, the bill was amended to create a coin for him that was issued in 2020.

For collectors, these coins have been quite popular even though they continued the practice of placing the date and mintmark on the edge of the coins. A major aspect to the series’ appeal is the fact that it is replete with error coins such as those that are missing the edge inscriptions that have been a big hit with collectors such as  2007 Washington dollar of this type.

When the coins were first issued, there was some degree of public interest in them. But once again the public did not embrace the coins for commerce, and by 2011 it was reported that 1.4 billion of these coins were being stored at considerable expense in Federal Reserve vaults because the coins were just not circulating. On December 13, the Obama administration announced the coins would no longer be issued for circulation, which also applied to the Native American dollars, and would only be struck for collectors and sold at a premium.

American Innovation dollars

In 2018 yet another modern dollar coin debuted. Issued only for collectors,  American Innovation dollars honor American innovators and innovations with a coin for each of the 50 states, the District of Columbia and the five U.S. territories issued in the order in which they were admitted to the Union.

Just one coin was issued in late 2018, the introductory issue, that features a facsimile of George Washington’s signature from the very first patent ever issued in 1790. Since 2019 four new dollars have been released each year with distinctive reverse designs that honor significant innovators or innovations from each state or territory. The series will end in 2032.

Each coin is sold at a premium in bags and rolls as well as in  annual mint and Proof sets, including a set of each coin struck with a Reverse Proof finish.

While there was uncertainty about the rationale for the series and the idea of issuing yet another $1 coin when the series began, collectors have warmed to the program since then. In 2022 the bags and rolls were big sellers. 

FAQ

How do the costs and benefits of producing dollar coins compare to those of producing paper dollar bills?

When comparing the costs and benefits of producing dollar coins versus paper dollar bills, several factors come into play. Dollar coins are more expensive to produce initially; however, they offer a longer lifespan of about 30 years compared to about 18 months for paper bills. Over time, this makes coins more cost-effective as they don't need to be replaced as frequently. The production cost of a coin can be offset by the seigniorage—profit made from issuing currency—since the metal in a coin often costs less than its face value. This economic benefit, coupled with reduced frequency of replacement, contributes significantly to long-term savings for the government.

What specific reasons do Americans prefer paper currency over dollar coins for everyday transactions?

The preference for paper currency over dollar coins among Americans can be attributed to a few key reasons. Paper bills are lighter, more familiar, and considered more convenient to carry and handle than coins, which can be bulky and heavy when carried in significant quantities. Additionally, there is a deep-rooted habit and comfort associated with paper currency, and changes in consumer habits require compelling reasons which dollar coins have not yet provided. The similar size and coloration of some coins with other denominations, particularly the issue with the Susan B. Anthony dollars being confused with quarters, have also deterred their acceptance.

What are the environmental impacts of producing and recycling dollar coins versus paper currency?

Regarding environmental impacts, both forms of currency have significant considerations. The production of paper money, although frequently replaced, uses resources such as water, cotton, and linen, and involves inks and other chemicals. Coins, on the other hand, require mining and processing of metals, which can be more environmentally intensive per unit but are mitigated somewhat by their longevity. Additionally, coins are more recyclable than paper bills, which often end up in landfills or are incinerated. Thus, while the production of coins is resource-intensive, their durability and recyclability present a potentially lower overall environmental impact over their extended lifecycle.

What are the different types of U.S. dollar coins that have been issued? Since 1971, the U.S. has issued several types of dollar coins including the Eisenhower dollars (1971-1978), Susan B. Anthony dollars (1979-1981, 1999), Sacagawea dollars (2000-2008), Native American dollars (2009-present), Presidential dollars (2007-2016, 2020), and American Innovation dollars (2018-present).

Why have U.S. dollar coins not been popular for everyday transactions? U.S. dollar coins have not gained popularity in everyday transactions primarily because they are perceived as bulky and cumbersome compared to lightweight paper bills. Additionally, some coins, like the Susan B. Anthony dollar, were often confused with quarters due to their similar size and color, leading to public reluctance to use them.

What is seigniorage? How does it relate to dollar coins? Seigniorage is the difference between the face value of money and the cost to produce it. For dollar coins, the seigniorage is typically higher than for paper bills because coins last longer and cost less over time to maintain in circulation, despite higher initial production costs.

What were the Eisenhower dollars, and why were they created? Eisenhower dollars were created in 1971 mainly to meet requests from casinos in Western states that favored large dollar coins for gaming purposes. They also honored former President Dwight D. Eisenhower and featured a reverse design inspired by the Apollo 11 mission patch.

How did the Susan B. Anthony dollar differ from previous dollar coins? The Susan B. Anthony dollar was smaller and lighter than the Eisenhower dollar but was criticized for its size being too close to that of a quarter, which led to public confusion. Its design featured a portrait of Susan B. Anthony, a pioneer for women's rights.

What was unique about the Sacagawea dollar? The Sacagawea dollar, introduced in 2000, featured a distinctive golden color and a smooth edge, which set it apart from other coins. It was designed to honor Sacagawea, the Native American woman who aided the Lewis and Clark expedition.

Why did the Presidential dollar series start, and what was its fate? The Presidential dollar series began in 2007 to honor past U.S. presidents in the order they served. However, due to low public circulation and high production resulting in excess stockpiles, the series was eventually limited to collectible issues rather than general circulation.

What are Native American dollars, and how do they differ each year? Native American dollars, issued annually since 2009, feature rotating reverse designs that highlight different aspects and contributions of Native American cultures. They are part of an ongoing series intended to educate the public and honor important Native American contributions.

What is the purpose of the American Innovation dollar series? The American Innovation dollar series, started in 2018, celebrates American ingenuity with coins that feature innovations or innovators from each state and territory. It aims to showcase the rich history of innovation across the United States.

Are U.S. dollar coins collectible? Yes, U.S. dollar coins are highly collectible, with certain issues and varieties, especially error coins, being particularly valued by numismatists. Collectors often seek out limited-edition proofs, uncirculated coins, and special finishes, which can significantly increase a coin's value over its face value.

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