Dead presidents not just on paper anymore

The U.S. Mint introduced the new $1 coin featuring late American presidents today. Speculation has already begun about the coins’ potential as an accepted monetary component of daily transactions.

Coin collectors are as excited about this new coin as they were when the state quarter was introduced. The initial unveiling today, features George Washington on the front and an the Statue of Liberty on the back (in an interesting new angle).

The coins will feature a new president each year, starting with George Washington, John Adams next year, and Thomas Jefferson the next, in the order they served. The coins will only feature presidents that have past, with the last coin scheduled for production being Gerald Ford in 2016 (see the Presidential Coin Act of 2005).

Although collector’s have displayed interest, it’s unclear as to whether consumers will accept the new $1 coins. Some vendors and business are in favor of replacing the paper equivalent with the new coin.

Quite honestly, we’re not really that excited about it. One of the reasons the existing $1 coins aren’t commonly used is that they’re heavier, don’t fit in meters or vending machines, and the $1 bill fits right in with your other bills in your wallet.

The U.S. Mint is comparing the new coin to the state quarters and believes it will have comparable interest. We doubt that. This is a $1 coin, not a quarter, which is already used.