Washington dollars in demand
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 / Courtesy AP GraphicsBank
QUINCY, IL -- Quincy banks now have the first of the new $1 coins. And they're going fast.
The George Washington dollar is the first in a series of coins honoring former presidents. The currency is designed to work in most coin machines, including parking meters and vending machines.
The George Washington $1 coins are legal tender and can be used for commerce and collecting. Modeled after the United States Mint's successful 50 state quarters program, the Presidential $1 coin program will feature systematically rotating designs of former United States presidents. Dollar coins featuring John Adams, Thomas Jefferson and James Madison are set to roll out later this year.