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The George Washington One Dollar Coin (1789-1797): A Numismatic Masterpiece

Introduction

The George Washington one dollar coin, minted in 2007 as part of the Presidential Dollar series, stands as a testament to both modern American numismatics and the enduring legacy of our nation's first president. This coin, despite its relatively recent production, has quickly become a focal point for collectors, history enthusiasts, and numismatists alike. Its unique design features, historical significance, and intriguing minting errors have elevated it from mere currency to a prized collectible.

In this comprehensive exploration, we'll delve deep into the world of the George Washington dollar, examining its history, design, varieties, and value. Whether you're a seasoned collector or a curious newcomer to the world of coin collecting, this article aims to provide valuable insights and expert analysis on this fascinating piece of American coinage.

Historical Context

The Presidential Dollar Series

The George Washington dollar is the inaugural coin in the Presidential Dollar series, a program authorized by Congress in December 2005 through the Presidential $1 Coin Act. This ambitious series aimed to honor every deceased U.S. President by featuring them on dollar coins in chronological order of their service.

Key points about the Presidential Dollar series:

  • Launched in 2007 with the George Washington dollar
  • Ran until 2020, concluding with George H.W. Bush
  • Each president's coin was minted for a three-month period
  • Produced alongside the Native American $1 Coin series (formerly the Sacagawea dollar)

The series was designed not only as circulating currency but also to reinvigorate interest in coin collecting among the general public. By featuring presidents on easily accessible dollar coins, the U.S. Mint hoped to create a new generation of numismatists.

George Washington's Significance

It's fitting that George Washington inaugurated this series, given his unparalleled importance in American history:

  • First President of the United States (1789-1797)
  • Commander-in-Chief of the Continental Army during the American Revolutionary War
  • Often referred to as the "Father of His Country"

Washington's leadership during the nation's formative years and his role in establishing many of the precedents for the United States government make him an ideal subject for the first coin in this series.

Design and Specifications

The George Washington dollar coin boasts several unique features that set it apart from other U.S. coins:

Obverse Design

  • Portrait: A striking image of George Washington, facing left
  • Designer: Joseph Menna, a talented sculptor-engraver at the U.S. Mint
  • Inscriptions: "GEORGE WASHINGTON," "IN GOD WE TRUST," "1st PRESIDENT," "1789-1797"

Reverse Design

  • Image: The Statue of Liberty, standing tall and proud
  • Designer: Don Everhart, another renowned U.S. Mint sculptor-engraver
  • Inscriptions: "UNITED STATES OF AMERICA," "$1"

Edge Lettering

One of the most notable aspects of this coin is the edge lettering, a feature not seen on U.S. coins since the 1930s. The edge includes:

  • Date of minting
  • Mint mark
  • "E PLURIBUS UNUM"
  • 13 stars, representing the original 13 colonies

Technical Specifications

  • Composition: 88.5% copper, 6% zinc, 3.5% manganese, 2% nickel
  • Weight: 8.10 grams
  • Diameter: 26.50 millimeters
  • Thickness: 2.00 millimeters
  • Edge: Lettered

Mints and Mintages

The George Washington dollar was produced at three U.S. Mint facilities:

  1. Philadelphia (P): 176,680,000 coins
  2. Denver (D): 163,680,000 coins
  3. San Francisco (S): 3,965,989 coins (proof coins only)

These mintage figures are crucial for collectors, as they provide insight into the relative rarity of coins from each mint.

Grading the George Washington Dollar

As with all collectible coins, the condition of a George Washington dollar plays a crucial role in determining its value. The coin is graded on the industry-standard Sheldon Scale, which ranges from 1 to 70:

  • 1-59: Circulated coins, with 1 being barely identifiable and 59 being About Uncirculated
  • 60-70: Uncirculated coins, with 60 being Mint State and 70 representing a perfect specimen

Key grades for the George Washington dollar include:

  • MS60-MS63: Uncirculated with some marks or abrasions
  • MS64-MS66: Choice uncirculated with minimal imperfections
  • MS67-MS70: Superb uncirculated with exceptional eye appeal

For proof coins, the prefix "PR" is used instead of "MS."

Varieties and Their Values

The George Washington dollar exists in several varieties, each with its own value profile. Here's a detailed breakdown:

Regular Strikes

  1. 2007-P Position A

    • Circulated: $1
    • MS60: $3
    • MS65: $7
    • MS67: $125

  2. 2007-P Position B

    • Circulated: $1
    • MS60: $3
    • MS65: $7
    • MS67: $335

  3. 2007-D Position A

    • Circulated: $1
    • MS60: $3
    • MS65: $7
    • MS67: $450

  4. 2007-D Position B

    • Circulated: $1
    • MS60: $3
    • MS65: $7
    • MS67: Value uncertain (no public sales recorded)

Proof Coins

2007-S Proof, Deep Cameo

  • PR63: $3
  • PR65: $4
  • PR67: $5
  • PR70: $30

Satin Finish Coins

  1. 2007-P Satin Finish, Position A

    • SP60: $3
    • SP65: $5
    • SP69: $150

  2. 2007-P Satin Finish, Position B

    • SP60: $3
    • SP65: $5
    • SP69: $200

  3. 2007-D Satin Finish, Position A

    • SP60: $3
    • SP65: $5
    • SP69: $68

  4. 2007-D Satin Finish, Position B

    • SP60: $3
    • SP65: $5
    • SP69: $55

Notable Errors and Their Values

Errors in minting can significantly increase a coin's value. The George Washington dollar has several notable error types:

Missing Edge Lettering

This error occurred during the minting process, resulting in coins without the edge inscriptions. These "Godless" dollars (missing "In God We Trust" on the edge) are highly sought after:

  • MS60: $16
  • MS65: $32
  • MS67: $275
  • MS68: $4,250

Satin Finish with Missing Edge Lettering

Even rarer are the satin finish coins with missing edge lettering:

  • SP63: $500
  • SP65: $1,350
  • SP66: $2,500 (only one known example)

Double Edge Lettering

Some coins received double edge lettering, creating a blurred or overlapped appearance:

  • MS63: $150
  • MS65: $300
  • MS67: $750

Off-Center Strikes

Coins struck off-center can command premiums based on the severity of the error:

  • 5% off-center: $50-$100
  • 10% off-center: $150-$300
  • 20% or more off-center: $500+

Factors Affecting Value

Several factors influence the value of George Washington dollar coins:

  1. Condition: Better-preserved specimens command higher prices.
  2. Rarity: Certain varieties or errors are scarcer, increasing their value.
  3. Demand: Collector interest can drive up prices for specific types.
  4. Position: The orientation of edge lettering (Position A or B) can affect value, especially in higher grades.
  5. Finish: Proof and satin finish coins often carry a premium over regular strikes.
  6. Certification: Coins graded and authenticated by reputable third-party grading services (e.g., PCGS, NGC) often command higher prices.

Collecting Strategies

For collectors interested in the George Washington dollar, there are several approaches:

  1. Type Set: Acquire one example of each major variety (regular strike, proof, satin finish).
  2. Error Collection: Focus on acquiring different error types, particularly the missing edge lettering variants.
  3. Grade Set: Attempt to obtain the highest possible grade for each variety.
  4. Complete Set: Collect all varieties, including both mints and positions.
  5. First Day of Issue: Collect coins certified as being from the first day of minting.
  6. First Strike: Acquire coins certified as being from the first 30 days of production.

Market Analysis and Trends

The market for George Washington dollars has shown interesting trends since their introduction:

  • Initial Boom: When first released, error coins (particularly those with missing edge lettering) saw a significant spike in value.
  • Stabilization: As the initial excitement waned, prices for most varieties stabilized.
  • Long-Term Appreciation: High-grade specimens and rare errors have shown steady appreciation over time.
  • Proof and Satin Finish Premium: These special finish coins consistently command higher prices than their circulation strike counterparts.

Recent auction data shows that MS67 and above coins, regardless of variety, continue to attract strong bids from serious collectors.

Tips for Buyers

  1. Authentication: Due to the value of some varieties, especially errors, it's wise to purchase authenticated and graded coins from reputable dealers or grading services.

  2. Research: Stay informed about current market values, as prices can fluctuate. Consult recent auction results and price guides regularly.

  3. Examine Carefully: When buying raw (ungraded) coins, carefully check for signs of wear or damage, particularly on high points of the design.

  4. Consider Long-Term Value: While some varieties may be hot now, consider the long-term collectibility and historical significance of the coin.

  5. Build Relationships: Develop relationships with reputable dealers who specialize in modern U.S. coins.

  6. Join Numismatic Organizations: Organizations like the American Numismatic Association (ANA) offer valuable resources and networking opportunities.

Preservation and Storage

To maintain the value of your George Washington dollars:

  • Handle coins by their edges, avoiding contact with the faces
  • Store in non-reactive holders (avoid PVC)
  • Keep coins in a cool, dry environment
  • For valuable specimens, consider professional conservation and storage solutions
  • Use cotton gloves when handling high-grade or valuable coins
  • Consider investing in a safe or safety deposit box for high-value coins

The Future of George Washington Dollars

While no longer in production, the George Washington dollar continues to play an important role in modern numismatics:

  • Educational Value: These coins serve as tangible links to American history, making them valuable educational tools.
  • Collector Interest: As the inaugural coin of the Presidential Dollar series, it's likely to remain a popular collectible.
  • Investment Potential: High-grade specimens and rare errors may continue to appreciate in value.

Conclusion

The George Washington one dollar coin, despite its recent mintage, has quickly become a fascinating area of study for numismatists. Its unique edge lettering, variety of finishes, and intriguing errors provide collectors with numerous avenues for specialization. While most circulated examples remain at face value, certain varieties and high-grade specimens can command significant premiums.

This coin serves as a testament to both modern minting capabilities and the enduring legacy of George Washington. It bridges the gap between historical significance and contemporary collecting, offering something for both novice and experienced numismatists.

Whether you're a seasoned collector or just starting out, the George Washington dollar offers an accessible entry point into the world of modern U.S. coin collecting. Its historical significance, coupled with its interesting minting quirks, ensures that this coin will continue to captivate collectors for years to come.

As with all areas of numismatics, education is key. Continue to research, engage with fellow collectors, and above all, enjoy the journey of discovery that comes with collecting these fascinating pieces of American history. The George Washington dollar is not just a coin; it's a tangible connection to the founding of our nation and a vibrant part of our numismatic heritage.