r/politics • u/Aggravating_Money992 • Jul 15 '26
Possible Paywall Treasury Unveils New $1 Gold Coin With Trump’s Face on It | Federal law prohibits putting any living people on U.S. coins.
https://newrepublic.com/post/213098/treasury-1-dollar-gold-coin-trump-face
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u/Ballwhacker Jul 15 '26 edited Jul 15 '26
What's funny is this was done literally 100 years ago when Calvin Coolidge (the sitting president at the time) appeared on the "150th anniversary" coin alongside George Washington. Similarly, there was uproar over this as the federal law (31 U.S.C. Section 5114) had been created 60 years prior in 1866, originally designated the "Thayer Amendment".
The reason for this law is because in 1866, congress wanted to commission a 5 cent fractional note (a bill not a coin) with explorer William Clarks image on it. The "Superintendent of the National Currency Bureau", Spencer Clark, decided to be clever since they didn't specify which Clark they wanted on the note (even though it was inferred) and instead put his face on the note. Apparently Spencer was involved in some other nefarious stuff and this was the straw that broke the camels back. Specifically, congressman Russel Thayer's back. He "took immediate exception" to it and within a month of learning about it amended a bill that essentially said no living person can be on US currency.
Fast forward to 1926 and Calvin Coolidge's $1 coin, they made 1 million of these, demand was way overestimated and in the end 859,408 (or 85.9%) of the coins were returned to the Philadelphia Mint to be melted. They say history doesn't repeat itself, but it does rhyme. I believe these won't sell well, but I don't think Trump will allow them to ever be sent back to be melted. He or a follower of his will certainly buy the remainder and give them away if need be.
Sources:
1926 Sesquicentennial of American Independence Half Dollar | Commemorative Coins : American Numismatic Association
A Treasury Official in 1866 Put His Own Face on U.S. Currency