Finding a gold dollar doesn’t necessarily mean you’ve found a fortune. When it comes to the George Washington Gold Dollar Coin 1789 to 1797 value, that is certainly true. But there are some instances where this modern mint coin is actually worth more than the $1 stamped on the side.
This guide will take you through what the coin is, how much it is worth (including error coins), and help you decide whether you should spend it at the gas station or save it in your collection! P.S. there are some helpful FAQs worth reading at the end too.
What is the George Washington 1789 to 1797 Dollar?
The George Washington Presidential $1 coin was issued in 2007 as part of the Presidential Coin Program that featured Washington, Adams, Jefferson and Madison to name a few. The program ran from 2007 to 2016, featuring a long list of presidents on the gold dollar.
However, the US Mint is no longer minting these coins so there is a limited number in circulation that will only go down in time. Combined with the unique design and gold color, it’s clear to see why people believe that these coins may be worth more than just a dollar!
To identify if you have the George Washington Presidential dollar, look for:
- The words ‘GEORGE WASHINGTON, 1ST PRESIDENT 1789-1797’ on the obverse with a bust of George Washington himself.
- The words ‘UNITED STATES OF AMERICA, $1’ on the reverse, with the image of Lady Liberty.
- Marks for ‘2007, E PLURIBUS UNUM, and IN GOD WE TRUST’ on the edge.
- A mint mark positioned on the edge of the coin, right after 2007.
- P – Philadelphia Mint
- D – Denver Mint
- S – Proof Mint
Serving two terms as president, George Washington served from 1789 to 1797, during which time he established the Mint Act which saw the first dollars, dimes and cents minted. This is why Washington was chosen first for the Presidential Coin Collection and also why many coin collectors love the history behind this coin.
But does the history translate into a high price? Let’s find out.
Value of the George Washington Dollar
To find the current price of coins, we use PCGS which tells us the average price they sell for. Bear in mind that pawn shops and auction houses won’t pay this sale figure, instead they’ll offer you a lower price so they can make money on the transaction.
Of course, it’s also worth noting that prices change overtime. Usually the changes are gradual, but they can also shift rapidly if you have an error coin – so, double check the price yourself and just use our prices as a rough guide!
Also Read: Gold Dollar Coin Value (Rarest & Most Valuable Sold For $720,000)
Gem Mint
If you have a gem mint, uncirculated George Washington gold dollar, it is worth… a minimum of $1.
At the release of this coin in 2007, customers were allowed to order boxes containing $250 worth of these coins. As a result, it’s pretty common for a collector to already have this coin in mint condition.
176,680,000 of these coins were minted at Philadelphia alone (P mint mark on the edge) so they are far from rare.
However, you may find an uncirculated George Washington dollar coin at auction or for sale at more than a dollar. This may be because:
- Postage isn’t free, so the seller needs to change a little more than a dollar to break even.
- The George Washington dollar is being sold in bulk or as a set with other presidential coins, making it more attractive to collectors.
- The seller is trying to palm off these coins to gullible collectors who aren’t aware of the low value of the coin.
For example, this uncirculated coin sold for $1.25 on eBay, and this roll of 25 unopened dollars sold for $35 on eBay ($1.40 per coin). So, finding the coin in uncirculated condition might not be the gold mine you think it is.
Mediocre to Low Quality
Given that so many uncirculated-quality coins are floating around the market and already owned by collectors, no one will pay you for a mediocre or low-quality coin. It just isn’t worth collecting because buyers can find a gem mint coin for very little money elsewhere!
If your coin has been through circulation, even if it only has a little scratch to show for it, it is not gem mint.
So, put the gold dollar back into your wallet and don’t think twice about spending it. In fact, we would even recommend using the low-quality dollar to buy an uncirculated dollar instead, if you are dead set on collecting this mint.
Error Coin
As with all mints, error coins are often where the value lies. Error coins are simply coins that have an error that occurred during manufacturing at the mint. Any damage that occurs at the mint makes the coin an error, while any damage that occurs after the mint (e.g., scuffs, scratches, general wear) just lowers the quality.
Examples of George Washington presidential dollar error coins include:
- 2007-P with partial edge lettering – $41 auction record, according to PCGS,
- 2007-P with weak edge lettering – $22 auction record, according to PCGS,
- 2007-P with missing edge lettering – $1,007 auction record, according to PCGS,
- 2007-D with partial edge lettering – $35 auction record, according to PCGS,
- 2007-D regular mint from the first day of issue – $35 auction record, according to PCGS,
- 2007-D with doubled edge lettering overlap – $300 estimation, according to PCGS.
For the presidential coins, it’s primarily the letter edging (a new mint technique which adds lettering onto the edge of the coin) that results in errors. However, there’s always the possibility of shadowing or a double mint that has not been discovered yet.
If you think you’ve found an error coin that isn’t yet registered with PCGS, you’ll need to get it authenticated so you can sell it for a large sum. Authentication isn’t free, so keep in mind that if you’re wrong about the error coin status you’ll be left with a $1 coin and a sizable bill to pay.
Where to Buy and Sell Presidential Dollar Coins
There are several places online where you can sell and buy collectible coins. Some require signing up or joining a community, while others can be used by anyone.
You may also want to consider joining forums – like the Reddit Coin Collectors Forum – if you’re interested in learning more about coins and potentially trading with other collectors directly.
Places to check out to sell your George Washington gold dollar coin include:
- eBay – a good place to start an auction or find a good deal. Most people start here.
- Great American Coin Co – find proof presidential sets that make great gifts for coin collectors.
- APMEX – this site sells coins that they’re verified and authenticated. The prices are higher than average, but you’re guaranteed to find a perfect mint.
- Etsy – you can try your luck on Etsy, as there are a few coin sellers here, but it’s more effort than it’s worth if you just want to sell a single coin.
- Great Collections – only verified and graded coins are sold here, all via auction. You can sometimes find some good proof coins here too.
With all coins, having the mint professionally graded by PCGS, NGC, or PMG is the best way to get a high price. However, grading can be quite costly and as the price of the George Washington Presidential coin is quite low, you’ll need to carefully weigh up whether your profits will cover it.
Summary – Should You Spend Your Gold Dollar?
If you’ve found a George Washington gold dollar coin 1789 to 1797, then here’s what you should do depending on the quality.
- Uncirculated, perfect condition – put it in storage and maybe 100-200 years from now it will help your great grandkids with a down payment for a house. You can get it graded if you want extra security.
- Error or proof coin – make sure you get it professionally authenticated and graded, then sell it for $10 to $1,000 or put it in storage for future generations.
- Circulated, any condition – spend it! It’s only worth the face value of the coin, AKA $1.
Ultimately, unless you’ve got an error coin, the George Washington gold dollar isn’t worth much at all. The number that was released, as well as the number that have been retained in gem mint condition, mean that this coin isn’t going to be valuable any time soon.
You can store the coin for future generations (who knows, maybe it will be valuable in 100-200 years’ time) if it is in mint condition, or just spend it today.
FAQs
How much is the George Washington gold dollar coin worth?
In circulated condition, it is worth the face value of $1. Gem mint dollars may be worth some money for future generations, but on the whole, these coins are rarely worth more than a few dollars. Even the error coins don’t seem to sell for more than $1,000 at most.
What is the George Washington presidential coin?
Also known as the George Washington gold dollar coin, this coin is minted with an image of George Washington and the dates 1789 to 1797. It was released in 2007 and commemorates the first president of the United States of America. As it is modern and many were released, it is not overly valuable at the time of writing.
Also Read: Most Valuable Presidential Dollar Coins (Ultimate Guide And Value Chart)
Does the mint mark matter on the gold dollar coin?
For the George Washington coin, it doesn’t matter too much. The coin was minted in Philadelphia (176,680,000) as well as Denver (163,680,000). Some also have an ‘S’ mint mark, signaling that it is a proof coin. In total, 344,325,989 George Washington gold dollars have been struck – it’s a very common coin!
What does position A and position B mean?
If you come across these terms when buying Washington Presidential Dollars, position A simply means that the edge writing is upside down when the coin is heads up. Position B means that the edge writing is the correct way up when the heads of the coin is showing. It doesn’t necessarily impact the price, but some collectors like to differentiate.
What is a godless dollar?
A godless dollar is the term some collectors use for coins that don’t have ‘IN GOD WE TRUST’ minted on the edge of the coin. These coins are also labelled as edgeless or simply ‘missing edge lettering’ which is the formal way of saying that they’re godless. This makes the coin an error coin, so it will be worth more than usual!
