Unaffected by the failure of the Susan B. Anthony dollar coin to come the “dollar of the future” as expected in the 1970s and by the failure of the Sacagawea dollar coin to be used for anything at all in the last six years, Congress is taking another stab — this time, at dead presidents.
Compared to the past dollar coin efforts, the state quarters have been wildly successful, mostly due to collectors who hoard the coins and keep them out of circulation. The state quarter initiative involves the release of five new quarter dollar coin designs every year for ten years, 1999 throuh 2008.
The new Presidential Dollar Coin Act will introduce two new dollar coin designs every year. Each design will feature a past POTUS, whether dead or alive (but mostly dead). Congress is counting on collectors getting into the game; the cost of minting a coin is well below its face value, so the US Mint makes money when people collect.
Updated March 5, 2014 and originally published April 27, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.