Did you know that by using the new $1 presidential coin instead of the paper bill, you can help our country save millions of dollars? The lifespan of each new presidential coin is estimated to be 30 years. Even if the coins are eventually removed from circulation, all of the materials in the coins can be melted down and used again for new coins or other products.
The Presidential Coin Act of 2005 honors our nation's presidents by featuring their images on the coins in the order they served. The program, which began in 2007 with the issuance of the George Washington Presidential Coin, issues four presidential coins each year. This year, coins depicting Presidents William Henry Harrison, John Tyler, James K. Polk and Zachary Taylor will be released.
Modeled after the 50 states quarters program, the government is hoping that Americans will embrace the new coins and not only collect them, but spend them. The presidential coins can be used anywhere you spend cash at retailers today, and expect more acceptance over the next few years in vending machines, toll booths and parking meters.
Although the size, weight and metal composition of the presidential coins are identical to the Sacagawea Golden Dollar coin issued in 2000, these coins have some unique features. All other circulating coins include the word "Liberty" imprinted on the coin. The new presidential coins do not. However the Statue of Liberty is depicted on the reverse side of the coin.
Unlike the original Sacagawea Golden Dollar, these new presidential coins are treated to resist tarnishing.
When the minting first began, the motto "In God We Trust" was inscribed on the rim of each coin. That motto has now been moved to the front side of the coin with the presidential likeness.
Not since 1933 had edge lettering been used on circulating coins. The edge of the new coin is inscribed with "E Pluribus Unum." Congress passed legislation in 1893 requiring E Pluribus Unum-Latin for "out of many, one" - to appear on all coin designs. These words refer to the fact that the United States was formed as a cohesive, single nation as a result of the 13 colonies' joining together. E Pluribus Unum had been the U.S. national motto until Congress passed legislation in 1956, making "In God We Trust" the new national motto.
If you have not yet seen the $1 presidential coins, ask your local banker to give you change in the $1 presidential coins. For the most up-to-date information, log on to http://www.usmint.gov/.
