U.S. Mint to make $1 gold coin with Trump's face on it

The U.S. Mint will start producing a new $1 gold coin bearing President Trump's face, U.S. Treasury Secretary Scott Bessent announced on X Wednesday, the latest example of how Mr. Trump is trying to leave a mark on federal symbols and institutions. 

Part of the administration's efforts to commemorate the U.S.'s 250th birthday, Bessent said the coin will "honor the enduring legacy of liberty and a lasting symbol of patriotism." 

"Featuring President Trump, it celebrates the strength of American values, and the promise of a nation dedicated to preserving freedom for all," he added. 

In May, the Treasury Department said it was considering issuing a $250 bill featuring Mr. Trump, but that doing so would require a change in federal law. 

At a press briefing at the time, Bessent explained that no living person may appear on U.S. currency unless proposed legislation passes and changes the rules. All U.S. currency must also bear the inscription "In God We Trust."

"Only the portrait of a deceased individual may appear on United States currency and securities. The name of the individual shall be inscribed below the portrait," the U.S. Code states. 

The Treasury Department did not immediately respond to CBS News' request for comment about how many coins it plans to release, or to whom they'll be made available. 

The Trump administration had previously proposed the same design for the semiquincentennial coin. Under federal law, the bipartisan Citizens Coinage Advisory Committee must review and approve proposed commemorative coin designs. 

The Trump administration has argued that the president may appear on a new coin, under a 2020 law allowing new designs to commemorate the U.S. semiquincentennial.