The Move From Large Size Dollars To Small Sized Dollars - From Concept To Reality

- A Brief History Of The United States Small Dollar -

The Dollar Coin has been the main staple of the United States' monetary system since it was authorized by Congress on April 2, 1792 and first struck in 1794. Even though it was large in size (38.1 to 40 mm), it was a popular denomination and circulated well due to its buying power. The "silver dollar" was discontinued in 1935. By the mid to late 1960's, the price of silver rose to the point that "silver dollars" no longer circulated. In 1971, due to the needs of gambling casinos for a dollar coin, and the public's desire to honor the first landing on the moon, the dollar coin was again struck, i.e. the Eisenhower Dollar. The coins failed to circulate widely, primarily due to their large size and the acceptance and convenience of the paper dollar.

SIDE-BY-SIDE SIZE COMPARISON OF AN EISENHOWER
DOLLAR (38.1 mm) AND A SUSAN B. ANTHONY DOLLAR (26.5 mm)
PHOTO COURTESY OF ROBERT EZERMAN

In the mid 1970's, attention turned to a smaller size dollar coin, culminating in the Susan B. Anthony Dollar in 1979. Miss Anthony was chosen to honor her life long fight for women's suffrage. From day one the Anthony Dollar was rejected and ridiculed. The portrait was considered ugly and the coins were not easily distinguished from the quarter dollar. Besides being the same color, there was less than nine-hundredths of an inch difference in the diameters of the Anthony Dollar and the quarter dollar. They were given nicknames such as "Agony Dollars", "Carter Quarters", "Susan B. Edsel", and "JC Pennies" (Jimmy Carter was in the White House at the time). They were discontinued at that time after only being struck for circulation for two years, 1979 and 1980. The 1981 Anthony Dollars were struck for mint sets only. Curiously, this was not the first time this criticism was accorded a United States coin. In 1875 a Twenty-Cent piece was struck. Besides having virtually the same design as the quarter dollar, it was a mere eight-hundredths of an inch smaller. The Twenty-Cent piece ceased being struck for circulation in 1876 after only two years production. Here's "Proof" that the Mint also had trouble distinguishing an Anthony Dollar from a Quarter.

In the early 1990's, discussion of striking a new small size dollar coin was begun. This time government officials were armed with the knowledge of the mistakes of the Anthony Dollar. Discussions centered on striking a new small size dollar coin that would be golden in color and have a distinctive edge so that it could be easily distinguished from the quarter dollar. The striking of a new small size dollar at that time was not to be. Besides the queasiness of the mint to venture into another failed dollar coin, there was one other major problem. That is, more than a decade after the Anthony Dollar was discontinued, there were still millions of them in Federal Reserve vaults.

By the late 1990's the supply of Anthony Dollars was finally dwindling down. After congressional and public hearings, it was decided that a new small size dollar coin with a plain edge and golden in color would be struck in 2000. The obverse would have the likeness of Sacagawea, the Shoshone Indian girl that helped guide Lewis and Clark through the northwest on their exploratory expedition of the Louisiana Purchase. In the mean time, the Anthony Dollar supply was decreasing so quickly that the mint struck 1999 dated Anthony Dollars to fill the need for a dollar coin until the Sacagawea Dollar could be struck and placed into circulation. The Sacagawea Dollar made its debut early in 2000 to the praise and acceptance of both collectors and the general public. However, after the honeymoon period was over, it began to fall out of favor. Just like its predecessor, the Anthony Dollar, it too was struck for circulation for only two years. It remains to be struck for sale to collectors in mint sets, rolls, and bags.

In 2007, the United States began honoring our Nation’s Presidents by issuing $1 circulating coins featuring their images in the order that they served. The United States Mint will issue four Presidential $1 coins per year, and each will have a reverse design featuring the Statue of Liberty. The composition of the new Presidential $1 Coins will be identical to that of the Sacagawea Dollar. Living Presidents are excluded from the series, however they may be added only if they have been deceased for two years prior to their coins release. The "Presidential Dollar Coin Act of 2005" had stipulated that the mint would continue issuing the Sacagawea Dollar in quantities no less than one-third of the years total dollar mintage. This stipulation was set to begin with the 2007 Sacagawea Dollar, however, the "Native American Dollar Coin Act of 2007" eliminated this requirement.

The "Native American Dollar Coin Act of 2007" was signed into law on September 20, 2007 by President George Bush. It superseded the Presidential Dollar Coin Act of 2005's requirement that one Sacagawea Dollar be struck for every three Presidential Dollars struck. Instead, it required that beginning in 2009, one Native American Dollar be struck for every five Presidential Dollars struck. It also states that "the design on the reverse shall bear images celebrating the important contributions made by Indian tribes and individual Native Americans to the development of the United States and the history of the United States". The reverse of the Native American $1 Coin will feature a new design each year. In addition, the date, mint mark, E PLURIBUS UNUM, and IN GOD WE TRUST were moved to the edge.

The year 2009 also saw some changes made to the Presidential Dollar design. IN GOD WE TRUST was moved from the edge of the coin to the obverse, and the edge had 13 stars, representing the thirteen original colonies, added to it.

Susan B. Anthony Dollar
1979-1981, 1999

Sacagawea Dollar
2000 - 2008

Native American Dollar
2009 - Present

Presidential Dollar
2007 - Present

Proposed Small Dollars
Beyond 2016