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Yesterday, officials at the U.S. Mint unveiled yet another new design for the $1 coin. Or, to be more precise, four new designs. The new $1 coins, scheduled to enter circulation in Feb. 2007, are the first in a series that will bear the likenesses of the U.S. Presidents, four per year, in the order they held office (which raises a question about Grover Cleveland...apparently he gets two coins). Clearly, the mint is hoping that the popularity of the State themed quarters will carry over to these presidential dollars. I'm sure that the collectors will love them (though, like the quarter, they won't be a great investment, since so many people will be saving them), but I have my doubts about their success as currency for commerce. As long the U.S. continues to print and circulate paper $1 bills, people will continue to prefer the paper bills to coins for their cash transactions. If the government is serious about wanting a successful $1 coin (and there are good financial arguments for it, namely the longevity of the coin compared to the very short life span of the average $1 bill, which is only about 22 months), then they need to commit to a total switch from paper to metal.

( The designs for the new dollar coins )

Further reading: Press Release from the U.S. Mint
Article from today's Washington Post