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The Madison $1 Coin: A Detailed Look
The Madison $1 coin, officially known as the James Madison Presidential Dollar, is a United States coin honoring the fourth president, James Madison. It was released as part of the Presidential $1 Coin Program, which ran from 2007 to 2016. This coin features a portrait of Madison on the obverse and the Statue of Liberty on the reverse.
Design and Features
The obverse of the Madison $1 coin displays a portrait of James Madison, designed and sculpted by Joseph Menna. Inscriptions include “JAMES MADISON,” “4TH PRESIDENT,” and “1809-1817,” representing his years in office. The reverse features a rendition of the Statue of Liberty, common to all coins in the Presidential $1 Coin Program. Inscriptions include “UNITED STATES OF AMERICA” and “$1.”
Edge Inscription
Like all Presidential $1 coins released before 2009, the Madison dollar features edge-incused inscriptions of the year of minting, the mint mark, and the mottoes “E PLURIBUS UNUM” and “IN GOD WE TRUST.” This practice was later modified, with “IN GOD WE TRUST” being moved to the obverse or reverse of subsequent coins in the series.
Minting and Distribution
The Madison $1 coins were minted at both the Philadelphia and Denver Mint facilities. These coins were initially distributed through banks and other financial institutions, encouraging their use in everyday transactions. However, due to limited public acceptance, many of the coins ended up in storage. The U.S. Mint also offered the coins in uncirculated bags and rolls to collectors.
Collectibility
While not particularly rare, the Madison $1 coin holds interest for collectors, especially those building a complete set of Presidential $1 coins. Factors affecting its value include its condition (uncirculated coins are generally worth more) and any potential errors or varieties. Coins with minting errors can fetch a premium among collectors. You can find more detailed information about Presidential Dollar Coins on Wikipedia.
FAQs
Are Madison $1 coins worth anything?
Most circulated Madison $1 coins are worth face value ($1). Uncirculated coins in pristine condition may be worth slightly more to collectors. Coins with errors can command a significant premium.
How can I tell if my Madison $1 coin is valuable?
Check the coin’s condition. Uncirculated coins are worth more. Look for any errors, such as double dies, off-center strikes, or missing edge lettering, which can increase value. Consult a coin grading service or reputable dealer for accurate assessment.
Where were Madison $1 coins minted?
Madison $1 coins were minted at both the Philadelphia (P) and Denver (D) Mint facilities.
Why are Presidential $1 coins no longer being made for general circulation?
Public demand for $1 coins was limited, and many ended up unused in bank vaults. The program shifted to producing coins primarily for collectors.
When was the Madison $1 coin released?
The James Madison Presidential Dollar was released in 2007.
Summary
The James Madison $1 coin is a part of the Presidential $1 Coin Program, honoring the fourth president of the United States. While commonly found and generally worth face value in circulation, uncirculated examples and error coins can be of interest to collectors. Its design features a portrait of Madison on the obverse and the Statue of Liberty on the reverse, with edge lettering. The coin serves as a tangible piece of American history and numismatic collecting.
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