Jaime Hernandez: In 2007 the U.S. Mint began honoring the United States Presidents on circulating coins under the Presidential Dollar Coin Program. Under this program, four Presidential Dollar coins will be issued per year. Each President’s portrait will be struck on one dollar coins and released for circulation for a period of three months. Each President will appear on mint state, proof and satin finish one dollar coins in the order in which they served as President of the United States. Each Presidential Dollar will bear the same Statue of Liberty reverse design. All Presidential Dollar coins contain edge lettering inscriptions with the date and mint mark.
From 2007 to 2008 Presidential Dollars had the motto "In God We Trust" located on the edge of the coin. However, since there have been tens of thousands of coins found with missing edge lettering inscriptions, the U.S. Mint changed the location of the motto beginning in 2009. From 2009 to date, all Presidential Dollars will have the motto "In God We Trust" on the obverse of the coin. This program will continue until at least 2016 with Richard M. Nixon’s portrait (in order for any other U.S former Presidents to be honored on circulating coins, it is necessary for the former Presidents to be deceased for at least two years).
When the coins were first released in 2007, there was a lot of excitement in the coin market and media about the new coins, especially since the last time the U.S. Mint struck coins with edge lettering inscriptions was back in 1933 on the Saint Gaudens Double Eagles. More excitement came once missing edge lettering dollars were discovered. These are considered major mint errors. Other more minor varieties have surfaced since then, including double overlapped edge lettering, double inverted edge lettering, and weak and partial edge lettering varieties. With so many different Presidential Dollar coins, errors and varieties, this is a definitely an exciting coin series to collect.