When it comes to numismatic treasures, few series capture the imagination of collectors like the Presidential $1 Coin program. Launched in 2007, this ambitious initiative from the United States Mint honors the nation’s former presidents by issuing dollar coins bearing their likenesses. Among this prestigious lineup is the James Monroe coin, a numismatic tribute to the 5th President of the United States.
Monroe’s legacy is one of expansion and diplomacy. As the last Founding Father president, he oversaw the nation’s acquisition of Florida from Spain in 1819, an event known as the “Trans-continental Treaty.” He also articulated the Monroe Doctrine, a foreign policy stance that opposed further European colonization in the Western Hemisphere. With such a pivotal role in American history, it’s no surprise that Monroe’s presidential dollar has piqued the interest of coin collectors worldwide.
In this in-depth guide, we’ll uncover the factors that influence the value of the James Monroe dollar coin, exploring its design, mintage details, grading considerations, and market trends. Whether you’re a seasoned numismatist or a curious collector, this article will equip you with the knowledge to make informed decisions about buying, selling, or simply appreciating this historic piece.
The James Monroe Presidential $1 Coin
Design Details
The obverse (front) of the James Monroe Presidential $1 Coin features a striking portrait of the president, designed and sculpted by John Flanagan. The inscriptions “James Monroe,” “5th President,” and “1817-1825” encircle Monroe’s image, indicating his term as the nation’s 5th chief executive.
On the reverse, the coin depicts a striking rendition of the Statue of Liberty, with the inscriptions “United States of America” and “$1” surrounding the iconic figure. This shared reverse design is consistent across all coins in the Presidential $1 Coin series, creating a unifying element.
The James Monroe dollar coin was struck in metallic copper with a pure copper core and manganese brass cladding on both sides. It has a diameter of 26.5 mm (slightly larger than a quarter) and a weight of 8.1 grams.
Year of Mintage and Specifications
The James Monroe Presidential $1 Coin was officially released into circulation on August 14, 2008, and was produced for five consecutive years until 2012. Each year, the coin was struck at three different mints:
- Philadelphia Mint (no mint mark)
- Denver Mint (D mint mark)
- San Francisco Mint (S mint mark)
Here are the mintage numbers for each year and mint:
| Year | Philadelphia | Denver | San Francisco |
|---|---|---|---|
| 2008 | 33,600,000 | 27,000,000 | 3,623,000 (Proof) |
| 2009 | 48,800,000 | 39,600,000 | 3,623,000 (Proof) |
| 2010 | 35,400,000 | 24,000,000 | 4,568,000 (Proof) |
| 2011 | 28,800,000 | 20,400,000 | 1,074,000 (Proof) |
| 2012 | 20,800,000 | 12,200,000 | 1,156,000 (Proof) |
As you can see, the Philadelphia and Denver mints produced circulating coins, while the San Francisco mint primarily struck proof coins intended for collectors.
Historical Context and Significance
The inclusion of James Monroe in the Presidential $1 Coin series is a testament to his lasting impact on the young United States. As the final president from the Founding Fathers generation, Monroe oversaw a period of territorial expansion and growing national identity.
One of his most significant accomplishments was the negotiation of the Adams–Onís Treaty (also known as the Transcontinental Treaty) with Spain in 1819. This deal secured Florida for the United States and defined the country’s southwestern border, enabling westward migration and economic growth.
Moreover, Monroe’s foreign policy doctrine, which came to be known as the Monroe Doctrine, asserted the Western Hemisphere as a sphere of influence for the United States. This stance warned European nations against further colonization efforts in the Americas, solidifying the nation’s position as a global power.
With such a pivotal role in shaping the country’s destiny, the James Monroe $1 coin serves as a numismatic reminder of this era of expansion and the lasting principles that guided America’s relationship with foreign powers.
Factors Affecting Value
Like any collectible coin, the value of a James Monroe dollar is influenced by several factors. Understanding these elements is crucial for making informed decisions when buying, selling, or assessing your collection.
Coin Grade/Condition
The condition of a coin is perhaps the most significant factor in determining its value. Coins in pristine, uncirculated condition are generally worth more than those that have been circulated and show signs of wear.
The widely accepted grading standards for coins are:
- Uncirculated (MS): A coin that has never been in circulation and shows no signs of wear. These coins are highly prized by collectors.
- About Uncirculated (AU): A coin that may have been lightly circulated but shows minimal wear.
- Extremely Fine (EF): A coin that has been moderately circulated but still retains most of its original detail.
- Fine (F): A coin that has been heavily circulated and shows significant wear.
- Good (G): A coin that has been severely worn, with most details faded or absent.
The better the grade, the higher the potential value of the coin.
Mint Mark and Mintage Numbers
The mint mark on a James Monroe dollar coin can also affect its value. As mentioned earlier, coins were struck at three different mints: Philadelphia (no mint mark), Denver (D), and San Francisco (S).
Generally, lower mintage numbers tend to increase a coin’s value, as there are fewer examples available for collectors. For instance, the 2011-S and 2012-S James Monroe dollars had relatively low mintages compared to their Philadelphia and Denver counterparts, potentially making them more valuable in the long run.
Demand and Popularity Among Collectors
Like any collectible, the value of a James Monroe dollar coin is heavily influenced by demand from collectors. The more desirable and sought-after a particular coin is, the higher its potential value on the secondary market.
The Presidential $1 Coin series has enjoyed considerable popularity, with many collectors aiming to build complete date and mint mark sets. This ongoing demand can drive up the prices of certain key dates or varieties.
Rare Varieties and Errors
While most James Monroe dollars were produced without issue, occasional mint errors or die varieties can create highly valuable and sought-after coins.
Some examples of potentially rare and valuable James Monroe dollar errors or varieties include:
- Missing Edge Lettering: Coins struck without the expected edge inscriptions, such as “United States of America” or “In God We Trust.”
- Double Strike/Off-Center: Coins that were struck twice, creating a doubling effect, or struck off-center, resulting in incomplete designs.
- Repunched Mint Mark: Coins with a mint mark that appears doubled or repunched.
- Die Cracks/Cuds: Coins exhibiting cracked dies or die chips (cuds) that distort the design.
These rare and unusual coins can be highly coveted by error collectors, potentially commanding premium prices.
Coin Grading and Certification
To accurately determine the condition and value of your James Monroe dollar coin, professional third-party grading is highly recommended. The two most respected coin grading services in the United States are:
Professional Coin Grading Service (PCGS) and Numismatic Guaranty Corporation (NGC)
Both PCGS and NGC employ teams of expert numismatists who meticulously examine coins and assign them a numeric grade based on strict standards. This grade, along with a description of the coin’s condition, is then encapsulated in a tamper-evident holder (also known as a slab).
The grading scales used by PCGS and NGC are similar, ranging from Poor (P-1) to Perfect Mint State (MS-70). The most coveted grades for Mint State (uncirculated) coins are:
- MS-65 (Gem Uncirculated): A coin with superb eye appeal and virtually no imperfections.
- MS-66 (Gem Uncirculated+): An exceptional coin with superior eye appeal and minimal imperfections.
- MS-67 (Superb Gem Uncirculated): A phenomenal coin with incredible eye appeal and virtually no imperfections.
These top grades represent the pinnacle of coin preservation and are highly prized by collectors.
It’s important to note that slabbed (graded and encapsulated) coins generally command higher prices than raw (ungraded) coins, even of the same grade. The certification provided by PCGS or NGC authenticates the coin’s condition and acts as a guarantee of its grade.
Importance of Third-Party Grading
While grading is a subjective process, the expertise and reputation of PCGS and NGC make their assessments widely accepted in the numismatic community. Having your James Monroe dollar coin professionally graded not only establishes its true condition but also enhances its marketability and potential value.
When buying or selling valuable coins, third-party grading is essential. It provides confidence for both parties, minimizing the risk of overgrading or undergrading, and ensuring a fair transaction.
Moreover, graded coins are easier to track and compare in the marketplace, as their certified grades establish a common language for buyers and sellers.
Market Analysis
Now that we’ve covered the factors that influence a James Monroe dollar coin’s value, let’s take a closer look at the current market trends and pricing data.
Recent Auction Prices Realized
One of the best ways to gauge the market value of a James Monroe dollar coin is to examine recent auction results. Major numismatic auction houses like Heritage Auctions, Stack’s Bowers, and GreatCollections regularly feature these coins in their sales, providing real-world pricing data.
Here are some notable auction prices for high-grade James Monroe dollars from recent sales:
- 2008-S Proof-70 Deep Cameo (PCGS): $130 (GreatCollections, March 2023)
- 2009-S Proof-69 Deep Cameo (NGC): $85 (Heritage Auctions, February 2023)
- 2010-S Proof-70 Deep Cameo (PCGS): $195 (Stack’s Bowers, January 2023)
- 2011-S Proof-70 Deep Cameo (NGC): $300 (GreatCollections, March 2023)
- 2012-S Proof-70 Deep Cameo (PCGS): $425 (Heritage Auctions, February 2023)
As you can see, top-graded Proof examples from the later years of the series (particularly the lower-mintage 2011 and 2012 issues) have realized substantial premiums at auction.
Retail Prices from Major Dealers
In addition to auction results, retail prices from major coin dealers can provide insight into the current market values for James Monroe dollars.
Here are some sample retail prices from popular dealers:
- 2008-P Mint State 66 (PCGS): $5-$10 (APMEX)
- 2009-D Mint State 67 (NGC): $15-$20 (JM Bullion)
- 2010-S Proof-69 Deep Cameo (PCGS): $85-$95 (ModernCoinMart)
- 2011-S Proof-70 Deep Cameo (NGC): $225-$275 (APMEX)
- 2012-S Proof-70 Deep Cameo (PCGS): $325-$375 (JM Bullion)
While retail prices tend to be higher than auction realizations, they can still provide a useful reference for current market values, especially for less valuable or more common issues.
Price Guides and Population Reports
Comprehensive price guides and population reports are invaluable resources for tracking the values and mintages of specific James Monroe dollar coin varieties.
The PCGS Price Guide and NGC Price Guide offer detailed listings of recent auction prices for graded coins, providing a solid basis for value estimates.
Additionally, population reports from PCGS and NGC reveal the total number of each variety that has been graded by the respective service. This rarity data can help identify key dates or scarce varieties that may command premium prices.
For example, as of April 2023, PCGS has graded only 28 examples of the 2012-S James Monroe dollar in Proof-70 Deep Cameo condition. With such a low population, these coins are highly sought-after by registry set collectors, driving up their market value.
Trends: Is the Monroe Dollar Increasing or Decreasing in Value?
Like any collectible, the values of James Monroe dollar coins fluctuate over time based on market demand and availability. However, several trends have emerged in recent years that suggest an overall increase in value, particularly for high-grade and scarce examples.
- The Presidential $1 Coin series has gained popularity among collectors, driving demand for complete sets and rare varieties.
- As the series winds down, with fewer new releases, existing issues are becoming harder to find in top grades, increasing their desirability.
- The lower mintages of later years (2011 and 2012) have created scarcity for those specific date and mint mark combinations.
- Error coins and die varieties continue to be highly sought-after by specialized collectors, commanding substantial premiums.
- The overall market for numismatic coins has remained strong, with precious metal prices and investor demand contributing to sustained interest in rare and high-quality pieces.
While market trends are subject to change, the long-term prospects for the James Monroe dollar coin appear favorable, particularly for well-preserved and scarce examples.
Tips for Buyers and Sellers
Whether you’re looking to buy or sell a James Monroe dollar coin, it’s essential to understand the nuances of the numismatic market. Here are some valuable tips to help you navigate this exciting world of coin collecting.
Evaluating a Coin’s True Worth
When assessing the potential value of a James Monroe dollar coin, several factors should be carefully considered:
- Condition: As discussed earlier, the condition or grade of the coin is paramount. Uncirculated and high-grade examples will typically command the highest prices.
- Rarity: Low-mintage issues, scarce varieties, and error coins are highly sought-after and can significantly increase a coin’s worth.
- Demand: Monitor auction results and market trends to gauge the current demand for specific varieties or grades of James Monroe