Before the Revolutionary War, coins from many European nations circulated freely in the American colonies. In 1776, the Congress authorized plan to produce a silver coin. Several examples were done in brass and silver, but not accepted, due to the financial difficulties during the Revolutionary War.
First Dollar (1804)
No one coins struck in US from 1793 to 1825 bears exact date when it was produced. For an example there is no dollars bearing the date 1804 were ever struck in 1804. The 1804 silver dollar is one of the rarest and most famous and popular coins in the world. Its creation was the result of a simple bookkeeping error, but its status as the king of coins has been established for nearly a century and a half. Only 15 silver dollars with the date of 1804 are known to exist. In 1999, one was sold at auction for more than $4 millions.
Seated Liberty Dollar (1836–1873)
Seated Liberty Dollars were introduced in 1840 and were minted in large quantities but the international trading partners did not like the fact that US coins were reduced in weight. The US Silver Dollar was continued to be minted in very small numbers mainly as a foreign trade to the Orient.
Gold Dollar Coins (1849–1889)
The gold dollar was produced from 1849 to 1889 and from 1849 to 1853 gold dollar coins. Most gold coins produced from 1863 were produced for imports to pay for enormous amounts of war material and interest on some US Government Bonds. Many of these coins from the Civil War and after are in excellent condition since they saw very limited circulation with greenbacks taking their place.
Trade Dollar (1873–1885)
The Trade Dollar was produced in response to other Western powers, such as Great Britain, Spain, France, and particularly Mexico, circulating large, crown size silver coins in Asia. Trade Dollars had a slightly higher silver content than the regular circulation. Production of the Trade Dollar stopped in1878. The issues of 1884 and 1885 were unknown to the collecting public until 1908.
The Peace Dollar was introduced in 1921. The Peace dollar is designed by medalist Anthony de Francisci. It was produced to commemorate the signing of formal peace treaties between the Allied forces and Germany. In 1922 The Mint made silver dollar production its top priority. Production was halted in 1928. Peace Dollars were minted by the Denver Mint and dated 1964-D. This coin is illegal to own and would be subject to confiscation.
Because of the size and weight of the dollar coins, they circulated minimally throughout their history, except in the West especially at casinos in the early-to-mid-20th century. As a result, the coins were generally shipped to Washington and stored in the vaults of the US Treasury at times these stores numbered into the hundreds of millions. They were very popular as Christmas gifts.
The Eisenhower dollars minted for general circulation contained no silver or gold, but were instead composed of the same copper-nickel clad composition used for the dime, quarter, and half dollar. This made the circulation coins extremely resistant to wear and, like the smaller denominations, they still retain a good deal of shine even when subject to mass usage.
Susan B. Anthony dollar (1979–1981; 1999)
From 1979 to 1981, and again in 1999, the Mint produced Anthony Dollars, depicting Susan B. Anthony, the first non-fictitious woman portrayed on circulating U.S. coinage.
The Anthony dollar resembled the quarter in size. Often confused with it, this is one reason why the coin was never popular. It was quickly discontinued, but resurrected in 1999.
The Sacagawea dollar was authorized by Congress in 1997 because the supply of Anthony dollars, in inventory since their last mintage in 1981, was soon expected to be depleted. Delays in ramping up Sacagawea dollar production led to a final 1999-dated mintage of Susan B. Anthony dollars. Dollar coins are used infrequently in general commerce. They used to be given as change by United States Postal Service stamp vending machines, which created a relatively small but significant demand, but the USPS eliminated all those machines by 2010.
There are approximately 1 billion Sacagawea coins in circulation, and about 250 million in reserve. The US Mint greatly reduced production of Sacagawea dollars after the 2001 minting, citing sufficient inventory. As of 2011, the dollar coin is still being minted for collectors, and is available in uncirculated rolls, mint sets, and proof Sets, but has not been released for general circulation since 2001.
With the passage of the Native American $1 Coin Act on September 20, 2007, the U.S. Mint began designing a series of Sacagawea dollars with modified reverses to further commemorate "Native Americans and the important contributions made by Indian tribes and individual Native Americans to the development of the United States and the history of the United States". Four designs were to be minted, each for one year from 2009 to 2012. The first Native American series coin was released in January 2009 and had a reverse that depicted a Native American woman sowing seeds of the Three Sisters, symbolizing the Indian tribes' contributions to agriculture.
In December 2005, Congress decided to create a new series of $1 coins which will honor the former U.S. presidents. In 2007, Presidential coins of four different designs were produced. Another four designs will be produced each year, honoring the Presidents in order of service. The Presidential $1 Coin Act is intended to create renewed interest in the coin like that seen during the 50 State Quarters program. At least one third of all dollar coins produced are still Sacagawea coins, with the remaining coins making up the four presidential coins annually. Under federal law no coins may be issued featuring a living president, or a president who died less than two years earlier. The program will run until at least 2016 with the coin in memory of Ronald Reagan, but may continue longer depending on the longevity of the currently living of former presidents.
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