And perhaps for that very reason, Vice President Joseph Biden announced Tuesday that the U.S. Mint would halt the production of those pesky $1 coins for circulation, because they’re not exactly in demand.Shame on you, my fellow Americans. Shame on you!
In fact, the U.S. Treasury Department said there are 1.4 billion surplus $1 presidential coins just sitting in the vaults of the Federal Reserve, and that the government would save taxpayers at least $50 million per year in production and storage costs by suspending their production.
Instead, U.S. Mint will produce a limited number of the coins, which “will be sold at a premium to collectors, so it will ensure that the coins will not be produced at a cost to taxpayers,” said Treasury spokesman Matt Anderson.
Until Tuesday's announcement, the U.S. Mint had been on track to produce 1.6 billion more of the $1 presidential coins through the year 2016, even though the 1.4 billion in surplus is enough to meet demand for more than a decade, Anderson said.
Tuesday, December 13, 2011
Presidential dollar coin program to end
It's a sad day for the presidential dollar program. Here it is, I had just ordered volume 2 of the Presidential Dollar folder, which starts up with the 2012 coins on to the end of the program.