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It's Madison's Time To Shine, Mint Says

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The Associated Press

Published: November 15, 2007

WASHINGTON - The U.S. Mint is rolling out its fourth new presidential coin today, this one bearing the likeness of James Madison, the father of the Constitution.

While there are a lot of doubters, Mint Director Ed Moy says he is hopeful that the latest attempt to introduce a dollar coin will be more successful than previous efforts. The past two dollar coins - the Susan B. Anthony, introduced in 1979, and the Sacagawea, introduced in 2000, were spectacular flops.

The new presidential coins, in an effort to tap into the huge success of the 50-state quarter program, feature a changing design with a new president introduced every three months. The hope is that the changing designs will keep interest high and avoid the sharp drop-off in demand seen with other coins.

Moy said there were some encouraging signs. The number of dollar coins ordered in the first eight months of the program totals 810 million, well ahead of demand for the previous two coins. But Moy concedes that much of the demand is coming from collectors. He said there are continuing problems in persuading the public and retailers to put the coins into circulation.

"These coins have been much more successful than critics said they would be, but they are not as successful as they can be," Moy said.

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