Show Me The Money!

The U.S. Mint plans to release a new $1 coin this Thursday to commemorate past presidents. Just like the 50 state quarter program, the $1 coins will be released in one set per year with the first four presidents depicted on the coins (Washington, Adams, Jefferson, and Madison) in 2007. According to the U.S. Mint, the coins will feature the same metallic makeup as the Sacagawea gold dollars, but there are some unique characteristics that include: the name of the president, the year(s) in which they served, and the order of their service engraved onto one side of the coin. The reverse side of the coin will feature a depiction of the statue of liberty with the words “United States of America” next to lady liberty.

But the most unique part of the new coins will be featured on the edge. It appears as if the coins are thick enough to allow the engraving of the words “E Pluribus Unum” (from many, one), the year, and the bank at which the coins were minted on the serrated edge. The new coins will be available from banks that placed specific orders and of course, from the U.S. Mint. The new coins have lead many to wonder if the U.S. Mint plans to phase out the use of dollar bills, which in theory would save the government millions of dollars each year. But more than 3/4th of people surveyed do not want paper money phased out, nor does the government plan to stop making paper money. But no one can doubt that the U.S. Mint has been on a coin craze over the past decade.

The goal has to been to amplify the number of coin collectors the world around. Investing in coins is technically one of the most feasible ways to generate a future profit, but the original capital needed can be hefty. Per se one wants to invest in a set of American Eagle coins (gold, silver, and platinum). The starting cost for a set of four is a petty $1500. Granted, the coins in theory should double their worth over a period of time, but the cost is a bit hefty for the average collector. If the U.S. Mint really wants to stir up sleeping coin collectors, they should use more ideas like the presidential coins. They are affordable and easy to obtain unlike many of their products. The State Quarter Program was a success, but it remains to be seen of the added 75 cents will hamper average collectors.