Dollar coin (United States)

The 1804 dollar is one of the rarest and most famous coins in the world.^[9] Its creation was the result of a simple bookkeeping error, but its status as a highly prized rarity has been established for nearly a century and a half. Only 16 silver dollars with the date of 1804 are known to exist; in 1999, one of them sold at auction for more than 4ドル million.

Seated Liberty dollars were introduced in 1836 and were minted in lesser quantities than the sparsely minted Gobrecht dollar that preceded it. The dollars were used in general circulation until 1873. Each Seated Liberty dollar is composed of 0.77344 troy oz of silver. They were minted at Philadelphia, New Orleans, Carson City, and San Francisco. A silver dollar would be worth 1ドル in silver if the price of silver is 1ドル.29 per troy ounce . The current silver price (January 29, 2021) is 27ドル.03 per troy ounce so a silver dollar is worth, in melt value of about US20ドル.90.

The production of large numbers of U.S. gold coins from new California mines lowered the price of gold, thereby increasing the value of silver. By 1853, the value of a U.S. silver dollar contained in gold terms, 1ドル.04 of silver, equal to $40.25 today. With the Mint Act of 1853, all U.S. silver coins, except for the U.S. silver dollar and new 3-cent coin, were reduced by 6.9% as of weight with arrows on the date to denote reduction. The U.S. silver dollar continued to be minted in very small numbers mainly as a foreign trade coin with the Orient.

The international trading partners did not like the fact that U.S. coins were reduced in weight. The use of much more common half dollars became problematic since merchants would have to separate higher value pre-1853 coins from the newer reduced ones. From 1853 onward, trade with Asia was typically done with Mexican coins that kept their weight and purity in the 19th century. This ended in 1874 when the price of silver dropped so that a silver dollar had less than 1ドル.00 worth of silver in it (because of huge amounts of silver coming from the Nevada Comstock Lode mines). By 1876, all silver coins were being used as money and by 1878, gold was at par with all U.S. paper dollars.

The trade dollar was produced in response to other Western powers, such as Great Britain, Spain, France, and particularly Mexico, to compete with these trade coins for use in trade in Asia. While the previous Spanish dollar of 370.95 grains (24.037 g) contained less fine silver than the standard dollar coin of 371.25 grains (24.057 g),^[8] Mexican pesos minted after Mexican independence contained a full 377.1 grains (24.44 g) of fine silver.

The American trade dollar therefore had to contain more silver, at 420 grains of 90% fine silver, fine content 378.0 grains (24.49 g), or 0.44 g more fine silver than the regular circulation silver dollars. Most trade dollars ended up in China during their first two years of production, where they were very successful. Many of them exhibit holes or chopmarks which are counterstamps from Asian merchants to verify the authenticity of the coins.

Trade dollars did not circulate in the United States initially, but were legal tender for up to 5ドル. Production of the trade dollar was officially discontinued for business strikes in 1878, and thereafter from 1879 to 1885, produced only as proof examples of the coin. The issues of 1884 and 1885 were produced surreptitiously and were unknown to the collecting public until 1908. In February 1887, all non-mutilated, non-chopmarked outstanding trade dollars were made redeemable to the United States Treasury for 1ドル, and approximately 8 million of them were turned in.

Morgan silver dollars, all composed of 90% silver and 10% copper (slightly less silver than sterling silver, 92.5%) weighing 412.5 grains total (0.859375 ozt), and thus 0.7734375 ozt pure silver,^{[a] [b]} were struck between 1878 and 1904, with a minting in 1921 and a commemorative minting in 2021.^[10] The 1921-dated coins are the most common, and there exists a substantial collector market for pristine, uncirculated specimens of the rarer dates and mint marks. Morgan dollars are second only to Lincoln Cents in collector popularity. The coin is named after George T. Morgan, its designer. Morgan dollars were minted at Philadelphia (no mint mark), New Orleans ("O" mint mark), San Francisco ("S" mint mark), Carson City ("CC" mint mark), and (in 1921 only) Denver ("D" mint mark). The mint mark is found on the reverse below the wreath, above the "O" in "DOLLAR". Production of the Morgan Dollar began again in 2021 as collectors' items and US Mint officials announced an intention to continue producing them in 2023 and beyond.^[11]

Introduced in December 1921 and having the same ratio of silver-to-copper as the Morgan dollar, the Peace dollar, designed by medalist Anthony de Francisci, was promulgated to commemorate the signing of formal peace treaties between the Allied forces and Germany and Austria.^[12] These treaties officially ended the Allies' World War I hostilities with these two countries. In 1922 the Mint made silver dollar production its top priority, causing other denominations to be produced sparingly if at all that year. Production ceased temporarily after 1928; original plans called for only a one-year suspension, but this was extended by the Great Depression. Mintage resumed in 1934, but for only two years.

In May 1965, 316,000+ Peace dollars were minted, all at the Denver Mint and dated 1964-D; however, plans for completing this coinage were abandoned, and most of those already minted were melted, with two known trial strike specimens being preserved (for assay purposes) until 1970, when they too were melted, and none released either for circulation or collection purposes. It is rumored that one or more pieces still exist, most notably any examples obtained by key members of Congress, the president, or mint officials. However, this coin, much like the 1933 20ドル gold double eagle (aside from the "exception", sold in 2002 for over 7ドル million and the 10 found later), is illegal to own and would be subject to confiscation.^[13]

Minting of the Peace Dollar began again in 2021 for collectors. US Mint officials have announced an intention to continue minting Peace Dollars in 2023 and beyond.^[11]

Silver dollar coins saw limited circulation throughout their history due to their size and weight, though they remained popular as Christmas gifts, leading the Treasury to release bags of them to banks annually from the 1930s through the early 1960s. In November 1962, collectors discovered rare and valuable dates hidden among the millions of coins still in Treasury vaults, sparking a buying frenzy.^[14] When Treasury Secretary C. Douglas Dillon announced in 1964 that silver certificates could no longer be redeemed for silver dollars, the Treasury inventoried its remaining stock and found roughly 3 million coins, many from the Carson City mint.^[15] The General Services Administration (GSA) was authorized to sell them through mail-bid sales in 1973–74, but public response was poor, with many objecting to the government profiting from coins it had minted for little more than a dollar each, leaving over a million coins unsold.

The remaining coins sat until 1979–80, when they were sold amid the chaos of Silver Thursday and the Hunt brothers' attempt to corner the silver market. The GSA repeatedly changed its rules mid-sale by invalidating minimum bids and slashing per-bidder limits from 500 coins to 35, leaving many bidders empty-handed and prompting a fresh wave of complaints to Congress. By the time the confusion cleared, the last silver dollars in Treasury hands were gone.^{[16] [17] [18]} Today, GSA dollars still in their original hard plastic holders carry a small premium, and some third-party grading services have begun certifying coins without removing them from those holders, though the practice remains controversial.^[19]

The American Silver Eagle is the official silver bullion coin of the United States. It was designed by Adolph A. Weinman and John Mercanti and it was first released by the United States Mint on November 24, 1986. It is struck only in the one troy ounce size, which has a nominal face value of one dollar and is guaranteed to contain one troy ounce of 99.9% pure silver. It is authorized by Title II of Public Law 99-61 (Liberty Coin Act, approved July 9, 1985) and codified as 31U.S.C. §5112(e)-(h). Its content, weight, and purity are certified by the United States Mint. In addition to the bullion version, the United States Mint has produced a proof version and an uncirculated version for coin collectors. The Silver Eagle has been produced at the Philadelphia Mint, San Francisco Mint, and West Point Mint. The American Silver Eagle bullion coin may be used to fund Individual Retirement Account investments.^[20]

From 1971 to 1978, the U.S. Mint issued dollar coins with the obverse depicting President Dwight D. Eisenhower and the reverse the insignia of the Apollo 11 moon landing, both designed by Chief Engraver Frank Gasparro.^[24] The United States Bicentennial coinage design, produced in 1975 and 1976, featured the Liberty Bell and the moon on the reverse (designed by Dennis R. Williams) while retaining the Eisenhower obverse, and the dual dates 1776–1976.

The Eisenhower dollars minted for general circulation contained no silver or gold but were instead composed of the same copper-nickel clad composition used for the dime, quarter, and half dollar. This made the circulation coins extremely resistant to wear. From 1971 through 1976, the Mint also produced dollars composed of 40% silver aimed at the collector market. The 1971–1974 issues appeared in brown boxes or blue packages, depending on whether they were proof or uncirculated. Somewhat different bicentennial sets were produced in the following two years. All issues remain very common.

The coins were never very popular, primarily because of their large size and weight which made them inconvenient to carry, and the fact that very few vending machines were designed to accept them. They saw the greatest use in casinos, and one-dollar tokens in many United States casinos still approximate the size and weight of the coins. Prior to the withdrawal of the coins, which remain legal tender (and are sometimes available at banks by request), many casinos did not strike their own tokens, but instead used the Eisenhower dollar.

From 1979 to 1981, and again in 1999, the Mint produced the Susan B. Anthony dollar depicting women's suffrage activist Susan B. Anthony (also designed by Frank Gasparro). Anthony thus became the first historic woman portrayed on circulating U.S. coinage. Many earlier circulating coins had featured images of women via allegorical figures such as Peace or Liberty; Isabella I of Castile appeared on the 1893 Columbian Exposition quarter dollar but the coin was not intended for general circulation. The Anthony dollars, like the Eisenhower dollars, were made from a copper-nickel clad copper core. The 1981 coins were issued for collectors only but occasionally show up in circulation.

The Anthony dollar, because of its color, size, and design, was often confused with the quarter. It was never popular and production was suspended after 1981. In 1999, it was struck again when Treasury reserves of the coin were low and the Sacagawea dollar was still a year away from production.^[25] While reserves of the coins were high, the coins were most often seen in vending machines, transit systems, and post offices.

The Sacagawea dollar was authorized by Congress in 1997 to replace the Susan B. Anthony dollar, whose inventory was nearing depletion. Made with a copper core clad in manganese brass to achieve a golden color, the coins share the same size, weight, and electromagnetic properties as the Anthony dollar.^[26] The obverse was designed by artist Glenna Goodacre and honors Native American explorer Sacagawea. Since no verifiable image of Sacagawea exists, Goodacre used Randy'L He-dow Teton as a model for the coin.^[27]

There are approximately 1 billion Sacagawea coins in circulation and about 250 million in reserve. The U.S. Mint greatly reduced production of Sacagawea dollars after the 2001 minting, citing sufficient inventory. As of 2022^[update] , dollar coins are not widely encountered in U.S. commerce, except in vending machines for rides on mass transit, some pay and display machines, some laundromats, and old-fashioned slot machines. On the other hand, the Sacagawea dollar has achieved popularity in El Salvador, Ecuador,^[28] and Panama, where the U.S. dollar is also the official currency.^[25]

In 2007, the Native American 1ドル Coin Act directed the Mint to produce annual Sacagawea dollar designs honoring Native American contributions to U.S. history, beginning in 2009.^[29] Notable design changes include moving the year, mint mark, and motto "E Pluribus Unum" to the coin's edge to allow more space for artwork, while "In God We Trust" remains on the obverse.^[30] Congress also mandated that at least 20% of all dollar coins minted during the Presidential 1ドル Coin Program be Sacagawea dollars bearing these new designs.

In 2005, Congress authorized a new series of 1ドル coins that would honor the former U.S. presidents. Portraits of the presidents are featured on the obverse, and the Statue of Liberty is on the reverse.^[31] Under federal law (31U.S.C. §5112), no coins may be issued featuring a living president, or a president who died less than two years earlier. The presidential dollar coin is the same size and composition as the Sacagawea dollar. "In God We Trust", the issue year, and the mint mark appear on the edge.^[32] The first dollar, honoring first U.S. president George Washington, was released into circulation on February 15, 2007. H.R.2764 became law on December 26, 2007, and moved "In God We Trust" from the edge to the obverse.

From 2007 to 2011, presidential dollar coins were minted for circulation in large numbers. Because of budget constraints and increasing stockpiles of these relatively unpopular coins, the production of new presidential dollar coins for circulation was suspended on December 11, 2011, by Treasury Secretary Timothy Geithner. Further minting of these coins was reserved solely for collectors.^[33] From 2012 to 2016, new coins in the series were minted only for collectors.^[2] A new coin was released on December 4, 2020, to honor George H. W. Bush, who died after the original program ended.^[34]

The American Innovation dollar series was authorized by Congress in 2018.^[35] Four new coins are being struck each year from 2019 through 2032 to commemorate significant innovations or innovators associated with each of the 50 states, the District of Columbia, and U.S. territories. The obverse features a recurring image of the Statue of Liberty, while the reverse changes with each issue. An introductory coin commemorating George Washington signing the country's first patent into law was released in December 2018.^[36] The coins are only being minted for collectors and are not intended for general circulation.

In October 2025, the Mint confirmed that it is planning to issue a commemorative dollar coin in celebration of the 250th anniversary of the founding of the country during the following year. Although the authorizing law explicitly prohibits using images of living or recently deceased (two years) presidents or former presidents on the reverse side of the coin, the proposed design for the coin featured images of incumbent President Donald Trump on both the obverse and reverse. The announcement stated that no final decision has been made regarding the design of the coin.^{[37] [38]} Treasury secretary Scott Bessent announced the final design of the coin in July 2026, to be available late in the year.^[39] The coin features Trump on the obverse and a variant of the presidential seal on the reverse.^[39]