James Monroe was the fifth president of the United States. Monroe, a Democrat-Republican (the forerunner of the modern Democratic Party) and former governor of Virginia, believed in the Jeffersonian principle of a stronger federal government who would look out for the welfare of the states. He was opposed to the colonization of the Western Hemisphere by foreign powers and worked to have them withdraw from the hemisphere.

Monroe was elected during a time of good feeling after the War of 1812 where Great Brittan tried to prevent the US to trade with France while they were at war with Napoleon. Monroe worked to set the US place in the world, first by convincing Spain to cede Florida to the United States in 1821. Subsequently, Great Brittan, weary of war, wanted the US to oppose the reconquest of Latin America.

Monroe consulted ex-presidents Thomas Jefferson and James Madison who agreed with the concept. Monroe then consulted with Secretary of State John Qunicy Adams. Adams was not only concerned about British meddling in the region, but there was a concern about France and Russia also meddling in the Americas. Adams suggested making it US policy against nation trying to recolonize the west.

Monroe accepted Adams’ suggestion. In a message delivered to congress on December 2, 1823, Monroe say “… the American continents, by the free and independent condition which they have assumed and maintain, are henceforth not to be considered as subjects for future colonization by any European Power.“ Twenty years after Monroe died, this became known as the Monroe Doctrine.

The James Monroe $1 coin was released to the public on February 14, 2008. However, prior to the coin’s release, there was a report that a number of “irregular” coins were returned to the Mint by the contractor hired to wrap coins.

It was reported that between 70,000 and 100,000 Monroe Dollars were struck on quarter planchets at the Philadelphia Mint. When questions, the US Mint issued the following statement:

In mid-January, the United States Mint’s coin-wrapping contractor alerted the agency when it found some irregular James Monroe Presidential $1 coins. The coins in question were immediately returned to the United States Mint. The United States Mint has performed an internal inquiry and presently has no evidence to indicate that any irregular James Monroe Presidential $1 Coins have been sent to the nation’s banks. The United States Mint expects to make an estimated 103 million James Monroe Presidential $1 Coins.

When I go to the bank tomorrow to pick up some rolls, I will be buying a few extra rolls to check for these wrong planchet errors because I do not believe that all of these “irregular” coins have been found.