The James Buchanan dollar coin, minted in 2010 as part of the Presidential $1 Coin Program, offers collectors a fascinating blend of history and numismatics. This comprehensive guide explores the coin's background, specifications, varieties, and potential value, providing insights for both novice and experienced collectors.
Historical Context: James Buchanan and His Presidency
Before delving into the coin itself, it's crucial to understand the historical figure it commemorates. James Buchanan, the 15th President of the United States, served from 1857 to 1861. His presidency was marked by:
- Increasing sectional tensions leading up to the Civil War
- The Dred Scott decision of 1857
- The Panic of 1857, a significant economic downturn
- Failed attempts to maintain unity between the North and South
Understanding Buchanan's controversial presidency adds depth to the coin's significance for collectors and history enthusiasts alike.
The Presidential $1 Coin Program: An Overview
The James Buchanan dollar is part of a larger initiative that honored U.S. presidents. Key aspects of the program include:
- Initiated in 2007 and concluded in 2016 (with a final coin in 2020)
- Featured presidents in chronological order of service
- Coins minted for approximately three months each
- Ran concurrently with the Native American $1 Coin Program
- Accompanied by "First Spouse" gold coins and bronze medals
James Buchanan Dollar Coin Specifications
Physical Characteristics
- Diameter: 26.5 mm
- Weight: 8.1 grams
- Thickness: 2.0 mm
- Edge: Lettered
- Composition: 88.5% copper, 6% zinc, 3.5% manganese, 2% nickel
Design Elements
- Obverse: Portrait of James Buchanan by Phebe Hemphill
- Reverse: Statue of Liberty design by Don Everhart
- Edge Inscriptions: Date, mint mark, "E PLURIBUS UNUM," and 13 stars
Mintage Data and Varieties
Mintage Figures
| Mint | Business Strike | Satin Finish |
|---|---|---|
| Philadelphia (P) | 36,820,000 | 784,614 |
| Denver (D) | 36,540,000 | 784,614 |
| San Francisco (S) | – | 586,897 (Proof) |
Position A and B Varieties
An intriguing aspect for collectors is the "Position A" and "Position B" edge lettering orientations:
- Position A: Edge lettering appears upside down when the obverse faces up
- Position B: Edge lettering reads correctly when the obverse faces up
This variation occurs due to the separate process of adding edge lettering after the coins are struck.
Factors Influencing Value
Several key factors determine a James Buchanan dollar coin's value:
- Mint Mark: P (Philadelphia), D (Denver), or S (San Francisco)
- Condition: Graded on the Sheldon scale from 1 to 70
- Variety: Position A or B edge lettering
- Finish: Business strike, satin finish, or proof
- Errors: Such as missing edge lettering or weak strikes
- Certification: Coins graded by reputable services often command higher prices
Comprehensive Value Guide
Business Strike Coins
| Grade | 2010-P | 2010-D |
|---|---|---|
| Circulated | $1 | $1 |
| MS63 | $2.50 | $2.50 |
| MS65 | $7 | $6 |
| MS67 | $100-$150 | $75-$100 |
Satin Finish Coins
| Grade | 2010-P | 2010-D |
|---|---|---|
| SP67 | $20-$25 | $20-$25 |
| SP68 | $50-$75 | $50-$75 |
| SP69 | $275-$350 | $300-$400 |
Proof Coins (2010-S)
| Grade | Value |
|---|---|
| PR65 | $3-$5 |
| PR69 | $10-$15 |
| PR70 DCAM | $30-$40 |
Notable Errors and Their Values
Missing Edge Lettering
This error occurs when coins bypass the edge lettering machine:
- Business Strike MS63: $500-$750
- Satin Finish SP66: $1,000-$1,500
Weak Edge Lettering
Often seen on 2010-P coins:
- MS63: $15-$25
- MS65: $50-$75
- MS67: $200-$300
Double Edge Lettering
A rare error where the edge inscription is applied twice:
- MS63: $750-$1,000
- MS65: $1,500-$2,000
Expert Collecting Tips
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Focus on Condition: High-grade specimens, particularly MS67 and above, can command significant premiums.
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Understand Varieties: Familiarize yourself with Position A and B differences to identify potentially valuable coins.
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Look for Errors: Carefully examine edge lettering for errors, which can significantly increase a coin's value.
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Consider Satin Finish: These coins, from mint sets, often have better strikes and can be more valuable in high grades.
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Authenticate Rare Finds: Use reputable grading services like PCGS or NGC for valuable specimens.
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Study Die Characteristics: Learn to identify die varieties and stages, which can add interest and value to your collection.
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Complete Sets: Consider collecting a full set of Presidential dollars, including all varieties and finishes.
The Numismatic Significance of James Buchanan Dollars
While not as rare as some earlier presidential issues, the James Buchanan dollar holds several points of interest for collectors:
- It represents a pivotal period in American history, just before the Civil War.
- The coin's modern minting techniques allow for study of contemporary production methods and errors.
- Its accessibility makes it an excellent entry point for new collectors interested in modern U.S. coinage.
Historical Value vs. Monetary Worth
It's important to note that while most James Buchanan dollars are worth face value, their historical significance far outweighs their monetary value. They serve as tangible links to America's past, offering opportunities for education and reflection on the nation's history.
Conclusion: Building a Collection
The James Buchanan dollar coin presents an accessible yet potentially rewarding area for collectors. Whether you're a beginner looking to start a collection or an experienced numismatist seeking challenge, these coins offer something for everyone:
- For beginners: An affordable entry into U.S. coin collecting with the potential to find interesting varieties.
- For intermediate collectors: Opportunities to specialize in error coins or high-grade specimens.
- For advanced numismatists: The challenge of finding the rarest errors or assembling complete, high-grade sets.
Remember, the joy of coin collecting often lies not just in the monetary value, but in the historical connection, the thrill of the hunt, and the satisfaction of building a curated collection. The James Buchanan dollar, with its mix of history and modern minting, embodies this multifaceted appeal of numismatics.
