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Objective To describe the methodology and baseline cohort characteristics of the COVID-19 Coping Study, a longitudinal mixed-methods study of US adults aged ≥55. Methods Participants were recruited through online multi-frame non-probability sampling in April and May, 2020. The baseline questionnaire focused on the effects of COVID-19 on daily life and mental health. Monthly follow-ups will be conducted for one year. Findings In total, 6,938 adults participated across all 50 US states, the District of Columbia, and Puerto Rico (mean [SD] age: 67.3 [7.9]; 64% female). Two in three adults reported leaving home only for essential purposes in the past week (population-weighted proportion: 69%; 95% CI: 68%-71%). One-quarter of older adults in work before the pandemic reported reduced work hours or income (25%; 95% CI: 22%-27%). One in three screened positive for depression (32%; 95% CI: 30%-34%) and anxiety (29%; 95% CI: 28%-31%). Conclusions We observed substantial self-reported effects of COVID-19 on daily life and prevalent mental health symptoms in this cohort. Policy Implications Data may inform policies to support mental health and well-being among older adults during the COVID-19 pandemic.