The U.S. House has passed the American Innovation $1 Coin Act introduced by 4th District Congressman Jim Himes. Coins would be minted in recognition of American innovations from each of the 50 States, the District of Columbia, and U-S Territories.
According to the U.S. Mint, a dollar coin costs less than $0.35 to make. As a product for collectors, Himes notes that the dollar coins sell for more than face value, creating nearly $1 in profit on every coin.
A year-long introductory coin series bearing the resemblance of George Washington’s signature on the first patent will be the first to be commissioned. Four $1 coins will be then released each year over the next 14 years. State innovations will be chosen with input from state governors, territory executives, and the Commission of Fine Arts and the Citizens Coinage Advisory Committee.