The State of Oregon is honored with the third quarter to be released in 2005, and the 33rd in the United States Mint’s 50 State Quarters® Program. On February 14, 1859, Oregon became the 33rd state to be admitted into the Union. Its coin design features a portion of Crater Lake, the deepest lake in the United States, viewed from the south-southwest rim. The design incorporates Wizard Island, as well as Watchman and Hillman Peaks on the lake’s rim and conifers. The coin bears the inscription "Crater Lake."

Crater Lake is a unique and stunning natural treasure, formed more than 7,700 years ago by the collapse of Mt. Mazama in what is now southern Oregon. At 1,949 feet, it is the deepest lake in the United States and the seventh deepest in the world, and has a record clarity depth of 134 feet. The main cause of Crater Lake’s remarkable clarity is its isolation from incoming streams and rivers.

President Theodore Roosevelt established Crater Lake National Park in 1902, with the lake itself as the Park’s crown jewel. It is the sixth oldest national park in the country. Since its creation, Crater Lake National Park has helped protect both the Native American cultural ties to the area and the natural habitat of the animal and plant life that lies within its boundaries.

On May 24, 2004, Governor Ted Kulongoski endorsed the recommendation of the 18-member Oregon Commemorative Coin Commission by forwarding the Crater Lake design to the United States Mint. Other themes considered by the Commission and the Governor included an historical theme featuring the Oregon Trail, Mt. Hood with the Columbia River, and a wild Chinook salmon. The Department of Treasury approved the "Crater Lake" design on July 13, 2004.

The Oregon quarter features a portion of Crater Lake, viewed from the south-southwest rim to include Wizard Island and Watchman and Hillman Peaks on the lake’s rim.

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