Jump to: What is President's Day? | Washington and the Coinage Act | Lincoln and the Gold Standard | Roosevelt and the Gold Confiscation | Presidents on US Coinage | President's Day and Precious Metals
What is Presidents’ Day?
Presidents’ Day is a federal holiday in the United States, observed on the third Monday of February. Initially established in 1879 as George Washington’s Birthday, it honored the nation’s first president, born on February 22. Over time, the holiday expanded also to celebrate Abraham Lincoln, born on February 12, and eventually all U.S. presidents, honoring their contributions to the country’s history and leadership.
The holiday was moved to its current date in 1968 as part of the Uniform Monday Holiday Act, which aimed to provide more three-day weekends for federal employees. Today, Presidents’ Day is marked by historical tributes, educational programs, and significant retail sales, including those in the precious metals market.
Presidents and Precious Metals: A Historic Connection
U.S. presidents have played key roles in shaping the country’s monetary system, particularly concerning gold and silver. George Washington laid the foundation for economic policy, Franklin D. Roosevelt restricted private gold ownership, and Richard Nixon ended the gold standard. Throughout history, the presidency has been closely tied to decisions affecting precious metals.
George Washington and the Coinage Act of 1792
One of the earliest and most significant contributions to U.S. numismatics came from President George Washington. Under his leadership, the Coinage Act of 1792 was passed, establishing the U.S. Mint and the first national currency system. This act led to the creation of the first official U.S. coins, many of which were struck in gold and silver, reinforcing the young nation’s commitment to safe money.
Abraham Lincoln and the Gold Standard
Source: One Dollar Greenback || National Numismatic Collection, National Museum of American History.
During the Civil War, President Abraham Lincoln introduced greenbacks, the first U.S. paper currency, to help finance the war.
Although the government backed these notes and allowed them for public and private debt payments, they were not exchangeable for gold or silver. Despite this, greenbacks laid the foundation for future monetary policies that would shape the gold standard.
Franklin D. Roosevelt and the Gold Confiscation Act
Source: Franklin D. Roosevelt || by Leon A. Perskie, 1944
One of the most controversial presidential actions involving precious metals occurred in 1933 when President Franklin D. Roosevelt signed Executive Order 6102.
The order made it illegal for Americans to hoard gold coins, gold bullion, and certificates to stabilize the economy during the Great Depression. The policy significantly impacted the gold market and remained in place until 1974, when private gold ownership was once again legalized.
Presidents on U.S. Coinage
Some of the most famous U.S. coins feature the portraits of former presidents. Coin collecting is still considered one of the most popular hobbies in the United States.
- Washington Quarter (1932–Present): First introduced in 1932 to honor George Washington’s 200th birthday, this coin remains one of the most widely used in circulation. Check out our list of the Most Valuable Quarters.
- Lincoln Penny (1909–Present): Introduced in 1909 to commemorate Lincoln’s 100th birthday, the Lincoln Cent remains the longest-running U.S. coin design.
1909-S Copper Lincoln Cent
- Jefferson Nickel (1938–Present): Featuring Thomas Jefferson, this coin replaced the Buffalo Nickel and has been in circulation for over 86 years.
- Eisenhower Dollar (1971–1978): Honoring President Dwight D. Eisenhower, this large silver-dollar coin was one of the last circulating dollar coins containing a silver composition (40% silver in special issues).
1971 40% Silver Eisenhower Dollar Proof Coin
- Kennedy Half Dollar (1964–Present): First minted in 1964 following President John F. Kennedy’s assassination, the original Kennedy half dollars were composed of 90% silver. In 1965, the silver content was reduced to 40% silver. Both versions are highly collectible.
90% US Silver Kennedy Half Dollars (BU)
Investing in Precious Metals on Presidents’ Day
For precious metals investors and coin collectors, Presidents’ Day is an excellent time to explore historical and commemorative coins featuring U.S. presidents. Gold and silver coins depicting American leaders often carry numismatic value beyond their metal content, making them both a financial and historical investment.
Some great options to consider include:
- American Gold Eagles and Silver Eagles: These modern bullion coins bear images of Lady Liberty and the Bald eagle, the national animal, representing the desire for freedom and strength.
- Presidential Commemorative Coins: The U.S. Mint has issued Presidential Dollar Coins and special proof sets honoring past leaders.
- Vintage U.S. Gold Coins: Pre-1933 Gold Coins, such as the Saint-Gaudens Double Eagles, remain highly prized pieces of history with substantial intrinsic value.
$20 St. Gaudens Double Eagle Gold Coin
- Silver Certificates and Historic Paper Money: Collectors may also find interest in old U.S. paper currency featuring portraits of presidents, such as the $1,000 Grover Cleveland note or the $5 Lincoln Silver Certificate.
Final Thoughts
Presidents’ Day is more than just a day off. It celebrates leadership, history, and the economic foundations that have shaped the U.S. monetary system.
For precious metals enthusiasts, it’s a great time to reflect on the role of gold and silver in shaping the nation. Whether you’re a seasoned investor or a new collector, consider adding historical coins and bullion to your collection to honor the legacy of America’s great leaders.
