Update on the 2007 Presidential Dollar Coins

Back in February I wrote about how the new Washington Presidential dollar coins were hard to find. Since I wrote that post, I returned to bank branches on several occasions and was finally able to obtain a $25 roll of these dollar coins. I am going to hold on to the roll and do not plan on opening the roll to see if there are and mis-strikes or error coins in the roll at this time.

I have yet to see any of the new dollar coins in circulation at any place other than at banks. It's pretty clear to me that people are hoarding these coins without any intention of using them as currency. I expect to eventually receive some of these coins in change at a postal stamp vending machine, but I would be very surprised to see them anywhere else other than at a coin shop.

A few months ago there were many articles being published about the new dollar coins and how they last far longer than paper dollars and that the maintenance cost of a dollar coin supply is therefore far less than that of a paper dollar coin supply. Many of these articles hinted at the possibility that these coins might eventually become widely used by shoppers. I honestly cannot see that ever happening. Paper dollars are far easier to carry in a wallet and take up less space and weigh far less. Dollar coins will probably never be viewed at anything other than a novelty unless or until the government abolishes paper dollars.

The New Presidential Dollar Coins Are Hard To Find

As I have posted previously, I collect pre-1982 pennies and all nickels because their intrinsic values (i.e. melt values) exceeds their respective face values. As of today, February 28, 2007, a pre-1982 penny has an intrinsic value of about 1.8254 cents (i.e., 182.54% of its face value) and a nickel has an intrinsic value of about 7.80 cents (i.e., about 156.01% of its face value). (See Coinflation.com.) I wouldn't call myself a serious collector, although I do save these coins when I receive them in change.

I enjoy collecting coins because coins are piece of American history. From a certain point of view they are small and readily accessible pieces of art. As such, I was really looking forward to the unveiling of the new Presidential dollar coins which were released on February 15, 2007. The first Presidential dollar coin contains a picture of the first president of the United States, George Washington.


Unfortunately, the new dollar coins are hard to find. The U.S. Mint is supposedly making 300 million of them, but I have yet to see one of them. I have been to three bank branches over the past three weeks, but each one has been out of the new coins. I was informed today that the branch I most recently visited had received a big box of the coins but that they were quickly snapped up by customers. I assume that this means that some people are hoarding a lot of these coins. I generally don't have a problem with people hoarding coins, as I do the same. However, I really wish banks would set limits on how many of these coins they sell to individual customers, as it doesn't seem right that someone can purchase hundreds of dollars of the new coins and then turn around and sell them on eBay or in a coin shop at a premium price.