As the first release in the U.S. Mint‘s ambitious Presidential $1 Coin Program, the George Washington dollar arrived with much fanfare in 2007. Struck in a gleaming golden color and bearing the likeness of America‘s founding president, this modern commemorative issue has captivated collectors for over a decade. But what is the true value and legacy of this accessible, yet often misunderstood coin?
In this comprehensive guide, we‘ll peel back the layers of history, scarcity, and collectibility that surround the George Washington Presidential $1 Coin. By examining key variations, mintages, professional grading populations and more, we‘ll help you determine if that shimmering Washington dollar is a hidden treasure or just a humble $1 sou.
Whether you‘re a seasoned collector or a curious beginner, join us as we explore the nuanced world of modern dollar coin collecting through the lens of this singular series debut.
George Washington: A Coinage Icon
Before diving into the intricacies of the Presidential dollar series, let‘s set the stage with some historical context. George Washington (1732-1799), commander of the Continental Army and first president of the United States, is a towering figure in American history. His legacy extends well beyond the battlefield and the political arena, permeating many aspects of our national identity, including our coinage.
Washington‘s connection to numismatics dates back to the earliest days of the U.S. Mint. The Coinage Act of 1792, passed during his administration, established the Mint and set the groundwork for America‘s monetary system. Interestingly, Washington himself opposed placing presidential portraits on coins, considering it a monarchical practice unbefitting a republic.
Despite his reservations, Washington‘s image has adorned numerous U.S. coins over the centuries, from the 1932 Washington Quarter to the modern Presidential dollar. These releases have made Washington one of the most depicted figures on American coinage, cementing his status as a numismatic icon.
The Presidential $1 Coin Program
Fast forward to the 21st century, and the U.S. Mint launched the Presidential $1 Coin Program in 2007 as an ambitious successor to the Sacagawea dollar series. Authorized by the Presidential $1 Coin Act of 2005, this program aimed to honor deceased U.S. presidents with annually issued $1 coins, released in the order they served.
The coins, composed of a copper core with a manganese-brass cladding, bear a distinct golden hue that sets them apart from traditional silver-colored dollars. Each features an obverse portrait of a president, along with inscriptions denoting their name, term dates and order of presidency. The reverse design showcases a striking rendition of the Statue of Liberty, a motif used throughout the series.
One unique aspect of these coins is the edge-incused lettering, which includes the year of issue, mint mark, "E PLURIBUS UNUM", and "IN GOD WE TRUST". This inscription style, a first for U.S. circulating coinage, would become a focal point for collectors seeking rare variations.
2007 George Washington $1 Coin Specifications
As the first release of the series, the George Washington Presidential $1 Coin set the standard for the program‘s design and specifications:
- Denomination: $1
- Composition: 88.5% copper, 6% zinc, 3.5% manganese, 2% nickel (clad)
- Diameter: 26.5 mm
- Weight: 8.1 grams
- Edge: Lettered
- Mint Marks: P, D, S
The obverse features a forward-facing portrait of George Washington, based on a 1786 sculpture by Jean-Antoine Houdon. Inscriptions include "GEORGE WASHINGTON," "1ST PRESIDENT," and "1789-1797," representing his presidential term.
While the golden color and larger size distinguish these dollars from other denominations, it‘s important to note that they contain no gold or other precious metals. Their value lies primarily in their collectible appeal and potential numismatic premiums.
Mintages, Varieties, and Values
The George Washington Presidential $1 Coin saw robust mintages across three mints in 2007:
| Mint | Mintage |
|---|---|
| Philadelphia (P) | 176,680,000 |
| Denver (D) | 163,680,000 |
| San Francisco (S) (Proof) | 3,965,989 |
| Total | 344,325,989 |
With over 340 million coins struck, the Washington dollar is by no means scarce in absolute terms. However, certain varieties and condition rarities can command significant premiums. Let‘s break down the key collectible versions:
Circulation Strikes (P and D): These coins were released for general circulation and account for the vast majority of Washington dollars. Most examples are worth face value ($1) in circulated condition, with pristine uncirculated coins graded MS-65 to MS-69 by PCGS or NGC fetching $5 to $50 depending on quality.
First Day of Issue Strikes: The Denver Mint struck a limited number of coins on the first day of production, February 15, 2007. These "First Day" coins, distinguished by a special PCGS or NGC designation, can sell for $50 to $200 in top grades, with the 2007-D garnering particular interest.
Satin Finish Uncirculated Coins: Included in annual mint sets, these specially produced coins feature a matte-like satin finish. Values range from $5 to $30 based on origin (P or D) and grade.
Proof Strikes (S): Struck at the San Francisco Mint for inclusion in proof sets, these meticulously crafted coins boast mirrored fields and frosted devices. Proofs are valued at $5 to $50, with top-graded PR-69 and PR-70 examples commanding the highest premiums.
Error Coins: Perhaps the most sought-after Washington dollars are those featuring notable mint errors. The most valuable is the "godless" edge lettering error, where the motto "IN GOD WE TRUST" is missing entirely. These rare coins can fetch $1,000 or more. Other errors like edge doubling or partial lettering typically add a 50% to 100% premium over common examples.
Building a High-Grade Washington Dollar Set
For collectors seeking a challenge, assembling a high-grade set of Washington Presidential dollars can be a rewarding pursuit. While mint state examples are plentiful, the real test lies in finding coins at the uppermost tiers of preservation.
Population reports from grading services like PCGS and NGC reveal the true scarcity of pristine examples. As of April 2023, PCGS has graded just 239 circulation strike 2007-P dollars in MS-68, with none finer. For the 2007-D, only 85 have earned the coveted MS-68 grade. These condition rarities can command significant premiums when they appear at auction.
To build a top-tier set without breaking the bank, focus on the following tips:
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Prioritize quality over quantity. It‘s better to have a few superb examples than dozens of average coins.
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Shop around for deals. Compare prices from multiple dealers and auction houses to ensure you‘re getting the best value.
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Consider purchasing graded coins. While raw coins can be found for less, professionally graded examples offer assurance of quality and can be easier to resell.
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Be patient. With so many coins in the marketplace, there‘s no need to overpay or settle for subpar examples. Wait for the right coin at the right price.
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Study the nuances of the series. Learning to detect subtle variations, errors, and quality markers can help you identify undervalued coins.
The Future of Washington Dollar Values
As a modern commemorative issue with ample supply, the George Washington Presidential $1 Coin faces an uphill battle in terms of long-term appreciation. The coin collecting market has shown a persistent preference for classic, lower-mintage pieces, with many modern issues struggling to gain traction.
However, this doesn‘t mean the Washington dollar is destined to remain a dollar bin staple forever. As time passes and collector tastes evolve, there‘s potential for high-grade examples and significant errors to gain steam among specialists. The appeal of a complete Presidential dollar set, with each issue in superb condition, may also drive demand over time.
Personally, I believe the Washington dollar‘s value trajectory will be gradual and primarily concentrated at the highest end of the grading scale. Gems graded MS/PR-69 and above will likely see the most substantial gains, while circulated and lower-mint state coins remain largely stagnant. Error coins, particularly the "godless" variety, will continue to be prized by collectors and may even see increased interest as more casual collectors become aware of their existence.
The Verdict
In summary, the George Washington Presidential $1 Coin stands as an accessible and historically significant modern issue with a surprisingly nuanced collectible landscape. While the majority of these golden dollars will never rise above their $1 face value, astute collectors can still find challenges and opportunities within the series.
Whether you‘re drawn to the coin‘s striking design, its connection to America‘s founding president, or the thrill of the hunt for elusive errors and high-grade examples, the Washington dollar offers something for collectors of all stripes. By understanding the coin‘s key variants, mintages and value drivers, you can navigate this modern series with confidence and build a collection that showcases both numismatic acumen and an appreciation for American history.
So the next time you come across a shimmering George Washington Presidential $1 Coin, take a moment to appreciate its place in the tapestry of U.S. coinage. While it may not be a ticket to riches, this humble dollar serves as a tangible link to our nation‘s past and a reminder of the enduring allure of numismatics. Happy collecting!
Sources and Further Reading
- United States Mint. "Presidential $1 Coin Program." https://www.usmint.gov/learn/coin-and-medal-programs/presidential-dollar-coin
- Professional Coin Grading Service (PCGS). "George Washington Presidential Dollar Prices & Values." https://www.pcgs.com/prices/detail/dollars/presidential-dollars/939
- Numismatic Guaranty Corporation (NGC). "Presidential $1 Coins Grading and Values." https://www.ngccoin.com/coin-explorer/presidential-1-dollars-pscid-84
- Yeoman, R.S. & Bressett, Kenneth. (2023). A Guide Book of United States Coins (The Official Red Book), 76th ed. Whitman Publishing. ISBN-13: 978-0794849665
