As a numismatist and coin collecting expert, I‘ve long been fascinated by the Presidential $1 Coin series that debuted in 2007. The program‘s inaugural release, honoring George Washington‘s presidency from 1789 to 1797, offers hobbyists a wealth of collecting opportunities, from pristine uncirculated examples to rare and valuable errors. Join me on a deep dive into this modern golden dollar‘s history, key varieties, and long-term outlook.
Legislative Origins and Program Goals
The Presidential $1 Coin Program traces its roots to the Presidential $1 Coin Act of 2005 (Public Law 109-145). Sponsored by Sen. John E. Sununu and Rep. Mike Castle, the bill authorized a series of circulating commemorative coins honoring deceased U.S. presidents, to be issued in the order they served.
Congress had several goals in mind:
- Honoring the nation‘s presidents and their legacies
- Creating a new series to encourage coin collecting
- Increasing dollar coin usage in commerce
- Educating the public about the presidency and U.S. history
The legislation dictated four coin releases per year, each with a mintage period limited to about 3 months. The program launched in 2007 and concluded in 2016 after honoring eligible presidents through Ronald Reagan.
Washington Dollar Coin Design and Specifications
The obverse of the George Washington Presidential Dollar, designed by sculptor Joseph Menna, features a bold left-facing portrait of Washington based on a famous bust by French artist Jean-Antoine Houdon. Inscriptions include "GEORGE WASHINGTON," "1ST PRESIDENT," and "1789-1797."
The reverse, by Don Everhart, depicts the iconic Statue of Liberty, an enduring symbol of American ideals. Surrounding inscriptions read "UNITED STATES OF AMERICA" and "$1." The year of issue, mint mark, "E PLURIBUS UNUM," and "IN GOD WE TRUST" appear on the coin‘s edge.
Specifications:
- Composition: 88.5% copper, 6% zinc, 3.5% manganese, 2% nickel (outer layers); pure copper core
- Diameter: 26.5 mm
- Weight: 8.1 grams
- Edge: Lettered
- Mintage Limit: Determined by secretary of Treasury based on demand
Mintage and Production
The U.S. Mint struck Washington Presidential Dollars at three facilities. Here‘s the full mintage breakdown:
| Mint | Mintage | Mint Mark |
|---|---|---|
| Philadelphia | 176,680,000 | P |
| Denver | 163,680,000 | D |
| San Francisco (Proof) | 3,965,989 | S |
| Total | 344,325,989 |
With over 340 million coins produced, the Washington dollar‘s massive mintage makes it a very common issue. The coins were available in $25 rolls, $250 boxes, and $1,000 bags from the Mint, allowing collectors to easily stock up on uncirculated examples.
Collecting Circulated Washington Dollars
If you find a George Washington Presidential Dollar in your change, odds are it‘s a well-worn circulated example worth $1. Even coins in excellent condition with minimal wear trade at face value due to their vast supply.
For most collectors, pulling Washington dollars from circulation is a fun and affordable way to appreciate the series. Searching bank rolls or asking for dollar coins at retailers can yield nice examples for your collection.
Uncirculated and Proof Washington Dollars
Many hobbyists prefer saving pristine uncirculated coins for their collections. The Mint made this easy by offering them in quantity, and many remain available from dealers today. Typical prices for raw uncirculated coins range from $1.25 to $2.00 each.
Certified gems graded by PCGS or NGC, particularly those in MS-67 or higher, do bring larger premiums. For instance, a PCGS MS-68 2007-P Washington dollar sold for $431 in a 2020 auction. But these ultra-grade registry coins are the exception rather than the rule.
San Francisco struck nearly 4 million proof coins specially for collectors. Distinguished by their mirror-like fields and frosted devices, proofs often come in original Mint packaging and capsules. Recent sales average $4 to $6 per coin.
Error Coins: The Key to Washington Dollar Varieties
While mint marks offer one avenue to expanding a Washington dollar set, error coin varieties are the most desirable targets for savvy collectors. The series‘ unique edge lettering has spawned several notable errors worth a premium.
Perhaps the most famous is the "Godless Dollar," missing all edge lettering due to a mint mishap. Other worthwhile errors include the following, with approximate market values:
- 2007-P Missing Edge Lettering (Godless Dollar) – $1,000 to $2,500
- 2007-P Doubled Edge Lettering – $300 to $500
- 2007-D Weak or Partially Missing Edge Lettering – $25 to $75
- 2007-P/D Mule With Sacagawea Reverse – $300 to $400
- 2007-P/D First Day of Issue (pre-release) – $50 to $75
Error coin values depend heavily on the specific variation and grade. Prices can fluctuate due to market conditions, so consider consulting resources like the PCGS CoinFacts price guide for up-to-date auction data when evaluating your coins.
Tips for Building a High-Grade Washington Dollar Collection
- Purchase a mix of uncirculated rolls from the Philadelphia and Denver mints
- Look for high-quality proof coins in original government packaging
- Cherrypick circulation rolls and accumulations for gem examples
- Consider buying graded MS/PF-67+ singles for registry sets
- Keep an eye out for edge letter variations like "Position A" vs. "Position B"
- Attribute your coins carefully to identify any errors or varieties
- Submit your most pristine normal and error coins to PCGS or NGC
- Store your collection in archival-quality holders and albums
- Consult price guides to follow the market and make smart purchases
- Read numismatic publications and connect with fellow Presidential dollar collectors
Market Outlook and Series Legacy
As a modern issue, the Washington Presidential Dollar remains extremely accessible and affordable for most hobbyists. Only certain rare errors trade for a significant premium over face value. However, the long-term outlook appears stable.
With the conclusion of the Presidential $1 Coin Program in 2016 and the suspension of dollar coin production for circulation, it‘s likely pristine examples and errors will slowly gain in popularity as the series recedes into history.
As younger generations discover the fascinating world of coin collecting, the Washington dollar will endure as an entry-level collectible and memento of our nation‘s first president. It may even help inspire new hobbyists to explore numismatics.
Whether you aim to assemble a complete 39-coin set, hunt down elusive errors, or simply appreciate the Presidential series‘ artistry and historical significance, the George Washington Presidential Dollar offers a compelling target for collectors of all budgets and interests.
By staying informed about market trends, networking with fellow collectors, and diligently curating your holdings, you can build a remarkable collection that showcases the enduring legacy of President Washington and the golden age of modern U.S. commemorative coinage.
Sources and Further Reading
- U.S. Mint: Presidential $1 Coin Program
- PCGS CoinFacts: 2007-P Washington Dollar Missing Edge Lettering
- NGC Coin Explorer: Presidential Dollars (2007-Date)
- Yeoman, R.S. and Bressett, Kenneth. A Guide Book of United States Coins 2023 (The Official Red Book). Whitman Publishing, 2022.
- Tomaska, Rick. The Complete Guide to Franklin Half Dollars. Whitman Publishing, 2012.
