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April 25, 2019
U.S. Dollar Coins: Current Status and Authorization of the
American Innovation $1 Coins
On July 20, 2018, P.L. 115-197, the American Innovation
$1 Coin Act, was signed into law. This law requires the
Secretary of the Treasury to mint new $1 coins in
recognition of American innovation and significant
innovation and pioneering efforts of individuals or groups
from each of the 50 States, the District of Columbia, and
the United States territories. The first coin was minted in
fall 2018, and four new coins are to be produced each year
through 2032.
As a country, we continue to innovate and create in a
way that no one else does.... It is that innovation and
creation that creates more and better jobs for our
society, our community, and our families. So I think it
is a wonderful idea to celebrate that by way of a coin
that ... celebrates this great American trade.
-Rep. Sean Duffy, Congressional Record,
January 16, 2018
The American Innovation $1 coins are circulating
numismatic items. Pursuant to the Secretary of the
Treasury's order of December 13, 2011, however, they will
not be sold to the Federal Reserve for distribution to banks.
Congressional Involvement in Coin
Design
The creation and circulation of money in the United States
involves several agencies. The Federal Reserve Board has
the authority to issue paper currency, which it orders from
the Department of the Treasury's Bureau of Engraving and
Printing. Coins are minted and issued by the U.S. Mint
(although the Federal Reserve influences the amounts by
providing the Mint with monthly orders and forecasts). In
addition, the designs of coins are prescribed by Congress,
and an act of Congress is required to change the design of
coins.
Since the enactment of the Coinage Act of 1792 (1 Stat.
246), which established the U.S. Mint and prescribed
various aspects of U.S. coinage, Congress has been
involved in the design of circulating coins. For example, the
Coinage Act directed the U.S. Mint to strike coins of
specific denominations-Eagles ($10), Half Eagles ($5),
Quarter Eagles ($2.5), dollars ($1), half dollars ($0.50),
quarter dollars ($0.25), dimes ($0.10), half dimes ($0.05),
cents ($0.01), and half cents ($0.005)-with specific
images and words, including images of eagles and the
words United States of America. Additionally, recent
laws have prescribed certain images that appear on the
obverse or reverse of specific coins.
Circulating vs. Commemorative Coins
Generally, coins are either circulating (i.e., are distributed
by the Federal Reserve to American financial institutions
and used as money to exchange for goods and services) or
commemorative (i.e., sold by the Mint to collectors to
honor someone or something). The U.S. Mint also produces
silver and gold bullion coins.
Circulating $1 Coins
$1 coins from 1979-1981 and 1999 (Susan B. Anthony) and
the 2000s (Sacagawea) are circulating. In recent years, the
U.S. Mint has produced $1 coins as a part of three different
programs: Native American $1 coins, presidential $1 coins,
and American Innovation $1 coins. The Native American
$1 and American Innovation $1 coins are currently in
production.
Native American $1 Coins
Circulating $1 coins currently honor Native Americans and
the important contributions made by Indian Tribes and
individuals in U.S. history (31 U.S.C. §5112(r)). First
issued in 2008, they feature Sacagawea on the obverse and
a design that bear[s] 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 on the reverse. Figure 1 shows
the 2018 and 2019 Native American $1 coins.
Figure 1. 2018 and 2019 Native American $1 Coins
Native AMn rican
SI Coins,
Commoin Qtver
Source: U.S. Mint.
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