A Coordinated Effort by the United States Mint and Federal Reserve
The Presidential $1 Coin Act of 2005 (Act) is authorized by Public Law 109-145, signed by the President on December 22, 2005, to commemorate the service of American presidents by issuing $1 coins at a rate of four per year, in the order of their service, beginning in 2007.
The Act also requires the Secretary of the Treasury and the Board of Governors of the Federal Reserve System to take steps to ensure that an adequate supply of $1 coins is available for commerce and collectors at such places and in such quantities as are appropriate. The Act provides that the Secretary and the Board of Governors shall consult with a coin users group no less frequently than annually, to accurately gauge demand for coins and to anticipate and eliminate obstacles to the easy and efficient distribution and circulation of $1 coins as well as all other circulating coins. The Act specifies the industry groups that are to be consulted.
Distribution of the Presidential $1 Coin
The law requires both the Department of the Treasury and the Board of Governors of the Federal Reserve to implement measures to ensure that an adequate supply of $1 coins is available for commerce and collectors. The United States Mint has made significant progress in addressing barriers to the circulation of dollar coins and has the capacity to mint and issue these coins in quantities sufficient to meet public demand.
To ensure successful distribution of the $1 coin, the United States Mint works with the Federal Reserve on a number of initiatives. To accurately gauge demand and ensure that the United States Mint produces an adequate supply of coin, the United States Mint, in coordination with the Federal Reserve, completed a demand and acceptance study with respect to Presidential $1 Coins. The study included research and analysis, as well as a detailed report indicating the potential demand levels for circulating and numismatic Presidential $1 Coins to ensure that United States Mint officials can make informed decisions regarding production volumes. A secondary objective of the study was to examine barriers to public acceptance of, and increased demand for, these coins and to provide recommendations on reducing or eliminating these barriers.
The release schedule for the Presidential $1 Coin Series can be viewed here.
The United States Mint pre-positions $1 coins at Federal Reserve locations and financial institutions across the country in advance of the release date to allow commercial banks the opportunity to have coins available for customers on the release date. The United States Mint also wraps unmixed, newly issued $1 coins prior to shipping to ensure that they are distributed to financial institutions as quickly as possible in a form suitable for commerce.
The United States Mint and the Federal Reserve reach out to, and build relationships with, a variety of stakeholders as outlined in the Act. This includes entities that use $1 coins in daily transactions (such as retailers); coin operator/vending companies; coin dealers and collectors; and other Federal Government agencies. The United States Mint annually attends a variety of conferences, conventions, coin shows and meetings to discuss with a wide range of stakeholders the continuing barriers to circulation and how best to address them.
Public Relations and Outreach
The United States Mint leads an interagency effort to remove barriers to circulation. Section 104 of the Act was codified at 31 U.S.C. § 5112(p). Paragraph (1) of subsection (p) requires all agencies and instrumentalities of the United States, the United States Postal Service, and all non-appropriated fund instrumentalities established under title 10, United States Code to take measures to ensure they are capable of accepting and dispensing $1 coins in their coin and currency operations and to display signs denoting this capability. To ensure widespread awareness of this provision, the United States Mint sent letters to the heads of Federal entities affected by this provision, apprising them of their obligations under the new law, and offering them assistance as needed.
The Act requires the United States Mint to work closely with consumer groups, media outlets, and schools to foster news coverage, increase public awareness, and ensure that consumers know about the availability of the coins. Presidential $1 Coins are featured on the United States Mint's kids' site, www.usmint.gov/kid , with lesson plans for teachers and fun, interactive games, puzzles and stories for children. In addition, the United States Mint produces press releases for each Presidential $1 Coin release and organizes popular launch events highlighting each of the featured President and his Presidential $1 Coin. Extensive information about the Presidential $1 Coin Series can be found on the United States Mint’s Web site. The United States Mint also provides free promotional materials-- $1 coin brochures, stickers and collector coin boards-- which can be viewed at www.usmint.gov/mint_programs/$1coin/ and can be ordered by calling 1 (800) USA-MINT and asking for “$1 Coin Free Materials.”