Presidential Dollars Worth Collecting

Presidential dollars worth collecting
By David C. Harper

Will the new Washington $1 coin make me rich? Will it be rare?

Most assuredly it won't make you rich. However, the limited window of availability could give the new $1 coin some extra collector value when its three months in the spotlight are over and the John Adams coin arrives.

Let's do the math and see what you think. There are 300 million Americans. The Federal Reserve, master of the U.S. banking system, has ordered 300 million Washington coins. That's just one coin apiece.

However, the coin will be struck at both the Philadelphia and Denver Mints. That means there are just 150 million people who can get the two-coin set. Do you think that will be enough?

There are factors on the other side. New coins tend to be saved. This helps assure a supply for future generations and tends to keep prices lower than for coins in their second year of issue.

But wait. There won't be a second year of issue. It's just three months. People one or two years down the road might miss this opportunity and need to go back and buy them to complete their Presidential sets. Who will they buy them from? That just might be you.

If your local bank doesn't have a supply, or you want more than just the basic two-coin set, the U.S. Mint has special collector versions on sale on its Web site. A special four-coin proof set, with all four Presidents, is priced at $14.95. Remember that this is the first year of a series. For the State Quarter program, special collector sets have gone up in value beyond their issue price. What might the value of this special four-coin proof set do next year or five years from now?

What's the risk in all this? The coins will always be worth their face value. You get a new dollar at your bank. It will always be worth a buck. That's a promise that has never been broken by the U.S. Mint since the first official U.S. dollar was struck in 1794.

There are no guarantees. What if everyone runs out to get the new dollars today and the supply runs out? That might happen. The Mint might make more. What do you do? You can spend them. What are you out? A little bit of time.

Those are the details. What are you waiting for?