The U.S. mint will launch a $1 coin Thursday commemorating President James Buchanan, the 15th president of the United States.

The coin will show Buchanan's portrait with the inscription "JAMES BUCHANAN, IN GOD WE TRUST, 15TH PRESIDENT" and "1857-1861", the U.S. Mint said in a statement. The reverse will show a rendition of the Statue of Liberty with the inscription "UNITED STATES OF AMERICA."

The coin's edge will display the year of minting or issuance, 2010, along with the phrase "E PLURIBUS UNUM" and the mint of origin.

The ceremony will be held at the former President's home in Lancaster, Pennsylvania at 10 am ET.

The coin is the 15th in a series of Presidential $1 coins. The Presidential coins are intended for everyday cash transactions and last decades.

Banks and other financial institutions can place orders for the new Buchanan coin, with a $1,000 minimum order.

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