American Innovation $1 Coin Act Passes Senate, Poised to Become Law

by Mike Unser on June 22, 2018 · 11 comments

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Collectors can expect another dollar coin series to run concurrently with the program of Native American $1 Coins. Legislation for a new multi-year dollar series calls for the production of coins in recognition of American innovation and significant innovation and pioneering efforts of individuals or groups in the United States and its territories.

Introduced on Jan. 31, 2017, the American Innovation $1 Coin Act, H.R. 770, passed in the House with amendment on Jan. 16 and it was just approved with an amendment in the Senate on Wednesday, June 20. For the bill to become law the House will need to approve the changes and President Trump must sign it. Both are expected.

Originally, H.R. 770 sought a 14-year series beginning in 2018 with four different designs per year for a total of 56 coins. The bill was amended in the House to change the series start date to 2019, while allowing an option to introduce the series this year with an extra coin depicting a representation of the signature of President George Washington on the first patent issued. The Senate’s amendment changed the order of issuance from alphabetical to when a state was admitted into the Union followed by the District of Columbia and the five territories.

American Innovation $1 Coin reverses (tails side) must be emblematic of:

  • A significant innovation,
  • An innovator or pioneer, or
  • A group of innovators or pioneers.

A provision prohibits the use of any portrait or bust of any person living or dead.

The Secretary of the Treasury must select the innovation, innovator or pioneer, or group of innovators or pioneers to be honored after consultation with the Governor or other chief executive of the state, the District of Columbia, or territory. The Secretary would also choose the eventual designs after consulting with the heads of the sites, the Commission of Fine Arts and the Citizens Coinage Advisory Committee.

American Innovation $1 Coin obverses (heads side) must be symbolic of Liberty and be shared across all 56, or 57 coins should there be an extra, and have the inscription IN GOD WE TRUST.

In addition to the standard composition of manganese-brass, they would feature regular $1 edge inscriptions to include the year of minting or issuance, E PLURIBUS UNUM, and a mint mark.

Innovation dollars would follows the program of Presidential $1 Coins which ended in 2016. They would be struck alongside the existing dollars honoring Native American tribes and individuals.

Dollar coins have not been released into circulation since 2011. The United States Mint produces them in circulating, proof and uncirculated finishes solely for coin collector products. H.R. 770 would make no changes in that regard.

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Eric
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Eric

I want a modern small version of the 1798-1804 dollar coin used for general circulation.

Silverboy
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Silverboy

Will we get this coin from BANK ?

Munzen
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Munzen

Unless the Mint changes course, these coins will only be available to collectors either via the Mint or 3rd parties. You might wait till any initial hype (ha!) dies down and see where the price settles on the secondary market.

Chuck
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Chuck

Wow,
We realy need another dollar coin LOL. I have spent many of current ones that I have picked up at the bank, but have never received one in change from a shop. If we are going to get a new dollar I hope and pray that the date is on the face of the coin and not on the edge!! I do not believe that any other country in the world has put the date of their coins on the edge. The date and mint mark on the edge of a coin is a very poor idea, I usualy identify the year of the dollar coins by their design, not the tiny date on the edge.

Paul Anderson
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Paul Anderson

Yes! Having the date on the front makes it seem much more like a real coin. Who can read what’s on the edge anyway?

Andrew Marotta
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Andrew Marotta

“Dollar coins have not been released into circulation since 2011. The United States Mint produces them in circulating, proof and uncirculated finishes solely for coin collector products. H.R. 770 would make no changes in that regard.” Why the Mint makes another non-circulating coin is beyond me!

Seth Riesling
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Seth Riesling

Andrew Marotta –

I agree with your comment totally. The Federal Reserve has approximately $1.2 billion $1 coins in vaults just sitting there since 2011 gathering dust! Asinine!

NumisdudeTX

Munzen
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Munzen

So long as Congress has the final say-so, our coinage is gonna have a double helping of wasteful decisions driven by politics and grandstanding. Nobody’s got the spine to stand up to the paper lobby and the naysayers, or even make an eyeblink in the direction of what other countries have done. Get rid of the dollar bill, and at the same time issue a modernized $2 bill – or better yet, mint a small, convenient $2 coin like the one that’s been so successful in Australia.

But I dream …

Chas Barber
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Good idea, the taxpayers have room to store another 500,000,000 dollars

RonnieBGood
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RonnieBGood

A 14 year program! Why so long?
4 or 5 years is long enough for any series!
The state quarter program that started so strong faltered long before 10 years was over (11 if you count the US possessions)!

Vachon
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Vachon

With luck, Trump will bring his usual chaos to bear on this bill and veto it because “nobody uses dollar coins” or otherwise reminding us that we have hundreds of millions of dollar coins sitting in vaults.