WASHINGTON — Jingling in your pockets in 2008 will be Presidential $1 Coins bearing the images of James Monroe, John Quincy Adams, Andrew Jackson and Martin Van Buren–the fifth, sixth, seventh and eighth Presidents of the United States. The United States Mint released photographs of the four coins today.
The United States Mint will be putting a new Presidential $1 Coin into circulation every three months in 2008 beginning with the James Monroe Presidential $1 Coin on February 14. The John Quincy Adams Presidential $1 Coin will follow May 15. Then look for the Andrew Jackson Presidential $1 Coin on August 14 and the Martin Van Buren Presidential $1 Coin on November 13.
“We hope the next four Presidential $1 Coins will not only jingle in pockets but be spent as well,” said United States Mint Director Ed Moy. “These coins are convenient. Each Presidential $1 Coin weighs less than four quarters, and they’re especially useful for vending machines and mass transit.”
The United States Mint is launching a business–to–business pilot program in metropolitan Washington, D.C., to increase the use of Presidential $1 Coins and to stimulate business and bank customer demand nationwide.
This local market initiative will focus on key stakeholders within metropolitan Washington, D.C., whose involvement will be pivotal in identifying and overcoming barriers to circulation. The initiative will emphasize that the Presidential $1 Coin is not just for collectors, but also a convenient alternative for many transactions.
“We will be working with several local retailers and banks in a concentrated area to facilitate the increased circulation of Presidential $1 Coins,” said Director Moy. “We want to see more of these coins used in daily transactions and given out as change like other denominations.”
In 2007, more than 800 million Presidential $1 Coins were ordered by the Federal Reserve. The first four coins, with the images of George Washington, John Adams, Thomas Jefferson and James Madison, are circulating throughout the economy.
Each Presidential $1 Coin will be shipped to banks and other financial institutions in rolls and small bags, unmixed with other $1 coins. Banks may order and store each Presidential $1 Coin up to two weeks before its introduction so financial institutions will have supplies on hand on the release date. The coins will be available to banks in unmixed rolls and bags for four weeks after their introduction. However, banks may re–order Presidential $1 Coins after the four–week window, in case there are remaining supplies. The special ordering process begins again two weeks prior to the date on which each new Presidential $1 Coin is released. To boost awareness and usage, the United States Mint is offering financial institutions and retail businesses free informational materials about the program at www.usmint.gov/$1coin.