In an earlier post, I spoke about how there may be a new American dollar in the future. This becomes a fact later in 2018, when the first American Innovation Dollar will be released.
A New Dollar Coin
In 2016, the last three Presidential Dollars were minted displaying Richard Nixon, Gerald Ford and Ronald Reagan. These Presidential Dollars first came out in circulation back in 2007 with the first four US Presidents. Unlike the Statehood Quarters in the past, the Presidential Dollars were not very popular and by 2012, were taken out of circulation, released only to collectors in Mint Sets and Proof Sets.
This same year, there was a discussion at the US Mint about trying to keep people interested in collecting coins. One idea was to display a popular invention that came out of each US state, territory and the District of Columbia. Congress would introduce a bill known as the “American Innovation $1 Coin Act”. Not much was heard until July 18, 2018, when this was passed by Congress. They plan on release 57 different designs which will last 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 first and 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. 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.
Will the American Innovation Dollar Succeed?
Back in 1998, the US Mint was thinking about the same thing they did 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 released state quarters in 1999 and for the next 10 years, adults and children collected them, so much that they kept them in circulation the entire period. Unfortunately, the America the Beautiful Quarters which replaced the state quarters in 2010 didn’t have the same success.
Seeing the success in Canada when they replaced their paper dollar with a coin, the United States wanted to do the same. In 2000, the US Mint introduced the Sacagawea Dollar with a golden color to distinguish it from the quarter. It was a good attempt, but unfortunately like the Susan B. Anthony Dollar from before, it didn’t receive any popularity from the public. I bet if they had attempted the bronze Sacagawea Dollar in 1979 instead of the Susan B. Anthony Dollar, it would have had a better chance of removing the dollar bill from circulation. With the lack of use, the Sacagawea Dollar left circulation in 2002. In a second attempt, The American Eagle on the reverse was replaced annually with a depiction of American Indian history and culture. This was started in 2009 and once again, the public didn’t use it. So, it was once again taken out of circulation. Collectors still have the opportunity to collect them, and the dollar bill is still in existence.
In 2007, the US Mint wanted to do another limited series coin, similar to the state quarter. It was decided to do a Presidential Dollar depicting four different Presidents each year until 2016. It started off well, but once again the public lost interest and was removed from circulation in 2012.
Now, we’ll have an American Innovation Dollar 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. I hope 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 2033 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 and America the Beautiful 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 2033. So, would you consider collecting the American Innovation Dollar? Will the US ever have a dollar coin that will replace the dollar bill?