In 2007, the United States Mint began a program honoring America’s Presidents with the issuing of Presidential Dollar Coins. Every year, four new coins featuring images of the U.S. Presidents in the order they served, were to be released into the country’s coinage. However, because of an excessive and existing inventory of dollar coins, a decision was made concerning the program in December 2011. The Secretary of Treasury announced the minting of Presidential Dollars for circulation would be immediately suspended. For this reason, collectors who relied on local banks or everyday pocket change to supply them with new Presidential coins may need to look somewhere else.
2012 Presidential Dollar Coins
Starting with the 2012 Presidential Dollars, the minting of the Presidential coins will be greatly reduced. The U.S. Mint will only produce coins in which to meet collector’s demands. These coins will be available for purchase directly from the U.S. Mint at premiums. The demand by institutions for one dollar coins used for circulation will be met through the already plentiful and previously minted coins deposited within the Federal Reserve Banks.
The first 2012 Presidential Dollar minting begins with honoring President Chester Arthur. He was America’s 21st President. Keeping with the program’s schedule, the three following releases for the year will be Grover Cleveland, Benjamin Harrison, and Grover Cleveland. Cleveland was America’s 22nd and 24th President. He was the only President to serve four years, leave for four years, and return later for another term. Because of his unique case, two different coins, featuring two slightly different portraits, will represent him.
Collecting Presidential Dollars after the Suspension
Since the only way for initially obtaining Presidential Dollars after the suspension will be by direct purchase (with added costs), the options for collectors has decreased. Although it will be possible for collectors to find 2012 Presidential Dollars in circulation from people who bought at premiums and later spent them below cost, it will be rare. The opportunity to collect them at face value and within circulation has been virtually taken away.
Serious collectors wanting to continue their Presidential Coin Program collection can seek the coins by either purchasing them through dealers or by receiving the coins from the U.S. Mint themselves. The U.S. Mint offers coins in various ways and options. A favorite choice by collectors is the Presidential Dollar Proof Set. Each of these sets contains all four coins released during a year. In 2011, this set cost collectors $19.95. The 2012 Presidential Proof Set will be offered for only $18.95 and is available on February 23rd, 2012.
Another option for collectors is to purchase Presidential coin rolls comprising of twenty five coins. In a press release from the U.S. Mint on January 11th, 2012, these rolls were advertised for a reduced price of $32.95 instead of 2011’s price of $39.95.
The Search for Coins
Unfortunate for some collectors, a successful search for 2012 Presidential Dollar coins in circulation has all but vanished. Nevertheless, collectors with the habit of glancing through pocket change in hopes of finding a rare coin will continue to do so. If by chance a circulating 2012 Presidential Dollar surfaces, the collector will indeed have found a ‘rare coin’ and it can be treasured.
Sources:
United States Mint Presidential Dollars, United States Mint, Reviewed January 23, 2012
Berman, Allen, U.S. Coins & Currency, Krause Publications, 2009
United States Mint Press Release, United States Mint, Reviewed January 23, 2012
Jenny Kile - Jenny Kile enjoys the freedom to explore, question, learn, and the opportunity Suite101 gives in order to then share with her readers.
Join the Conversation