Unnamed set - 160192
(2007) WASHINGTON MISSING EDGE LETTERING

Owner Comments:

Following on the heels of the stunning success of the 50 State Quarters Program, there was support in Congress for the creation of a circulating series with one side highlighting the presidents. It looked like an excellent idea on the surface. There were thought to be 100 million State quarters collectors, and the government was doing very well selling quarters to the public at a 17-cent profit on every coin struck. The Presidential dollars stood the chance of making 80 cents per coin struck, and if the coin replaced the costly and short-life dollar bill to any extent, it was the best of both worlds. The economic distress of 2008 was the first nail in this plan’s coffin. The dollars that were struck either returned to the Federal Reserve in mass or never left at all. Just as the Great Depression created the ultra low mintages seen in the early 1930s, so too mintages of the Presidential dollars have crashed and there is pressure to make them special issue coins sold only to collectors until the bloated inventory situation improves. In either case, this historically interesting series is picking up noteworthy key dates precisely because of serious troubled infancy issues. The edge lettering on these coins has proved to be a quality control problem for the Mint and offers an opportunity for the collectors. It’s easy for a small percentage of the Presidential dollars to make it out the door with the lettering missing, and this was the case with the very first Issue. George Washington smooth edge dollars with missing edge lettering have been very popular with collectors since they were first discovered. Its inclusion is a tribute to the many interesting things that are going on with this series, whose tale of success and hardship have only begun to be told. Jordan, Eric; Maben, John (2012-05-10). Top 50 Most Popular Modern Coins (Kindle Locations 169-182). F+W Media, Inc.. Kindle Edition.