This is originally written around the time of the first American Innovation Dollars in 2018. I have attempted to add more to this article since then.
A New Dollar Coin
In 2016, the last three Presidential Dollars come out. They display Richard Nixon, Gerald Ford and Ronald Reagan. When George H.W. Bush passes away, a dollar comes out in 2020. These Presidential Dollars first come out in circulation back in 2007, There will be four Presidential Dollars every year. Unlike the Statehood Quarters, the Presidential Dollars are not very popular. By 2012, they are no longer in circulation. You can only find them in Mint Sets and Proof Sets.
This same year, there is discussion at the US Mint to try to keep people interested in collecting coins. One idea is to display a popular invention from each US state, territory and the District of Columbia. Congress will introduce a bill known as the “American Innovation $1 Coin Act”. Not much happens until July 18, 2018, when Congress passes it. They plan on releasing 57 different designs for the next 15 years.
The original design was approved by the end of July. The obverse of the coin will be the Statue of Liberty and the reverse will change based on state or US territory. The only dollar of 2018 will have George Washington’s signature on the first US patent issued by the US government in 1790. Starting in 2019, the US Mint will release four different reverses throughout the year. Also, each year will have a different privy mark under “In God We Trust”.
How Will The Reverse of American Innovation Dollars Be Determined?
The decision on what will be on the reverse will be determined between the Secretary of the Treasury and the individual state or territorial governor. You would think if they wanted to spark more interest in people using or collecting these coins, they would have the public also help decide. After all, it is for the public.
Besides uncirculated and proof coins, reverse proof American Innovation Dollars have also been issued. Between 2018 and 2020, individual reverse proof dollars are out from the mint. Starting in 2021, all four dollars are in one package.
Will American Innovation Dollars Succeed?
If you ask me, I say “I hope so, but don’t count on it”. The reasoning behind this is just by experience of previous dollars in the past two decades.
Back in 1998, the US Mint thinks about the same thing they do in 2016. How do we get people, especially children, interested in the hobby? Coming into the 21st century, more and more people were losing interest in collecting coins. In an attempt to get them interested, they release state quarters in 1999. For the next 10 years, adults and children collect them. This keeps them in circulation the entire period. Unfortunately, the America the Beautiful Quarters which replaces the state quarters in 2010 don’t have the same success.
Sacagawea Dollars Are Not Successful
Seeing the success in Canada when they replace their paper dollar with a coin, the United States wants to do the same. In 2000, the US Mint introduces the Sacagawea Dollar. This dollar has a golden color to distinguish it from the quarter. It’s a good attempt, but unfortunately like the Susan B. Anthony Dollar, it doesn’t receive any popularity from the public. I bet if they had attempted a bronze Susan B. Anthony Dollar in 1979, it would have had a better chance of removing the dollar bill from circulation. With the lack of use, the Sacagawea Dollar leaves circulation in 2002.
In a second attempt, the American Eagle on the reverse is replaced annually with a depiction of American Indian history and culture. This starts in 2009. Once again, the public doesn’t use the coin except maybe the post office. So, it is once again taken out of circulation. Collectors still have the opportunity to collect them. Again, the dollar bill still exists.
Presidential Dollars Are Not Successful
In 2007, the US Mint wants to do another limited series coin, similar to the state quarters. Enter the Presidential Dollar depicting four different Presidents each year until 2016. It starts off well, but once again the public loses interest and the mint removes them from circulation in 2012.
Now, we’ll have American Innovation Dollars replacing the Presidential Dollar. Maybe it’s just me, but I don’t see how this will get people interested, if the American Presidents couldn’t. I could be wrong. Hopefully I’m wrong. I wonder if they will initially try to release this dollar in circulation like the previous dollars, or go straight to collectors. Another thing to consider is these dollars will be minted until 2032 with the final four in the set.
In The End, The Choice Is Yours.
You don’t have to go by what I think. If you’re interested in collecting a coin with different reverses like the State Quarters, Native American Dollars and Presidential Dollars, then the American Innovation Dollar may be just what you’re looking for. There will be 57 different reverses between 2018 and 2032. So, will you consider collecting American Innovation Dollars? Will the US ever have a dollar coin that will replace the dollar bill?