The U.S. Mint has decided to save money by not making money. Oh, don't worry, our beloved, if hard to come by lately, "dead president" paper bills will keep rolling off the mint's printing presses, but production of commemorative presidential $1 coins for general circulation will end.
According to Treasury Secretary Timothy F. Geithner, halting production of the $1 presidential coins will save about $50 million annually. And besides, like Vice President Joe Biden said in a press release, "nobody wants to use them."
The Presidential Coin Act of 2005 requires the Mint to issue $1 coins bearing the likeness of each deceased U.S. president at an annual rate of 70-80 million coins per president. Today, however, more than 1.4 billion or 40% of all the $1 coins ever issued have been returned, and are just gathering dust in Federal Reserve banks. According to VP Biden, the unused excess will meet the demand for $1 coins for more than a decade. Considering the historic lack of popularity for dollar coins, probably a lot longer than that, Mr. Vice President.
Also See: Mint Stops Striking Golden Dollar Coins
The Mint will continue to produce -- at no cost to taxpayers -- a relatively small number of the $1 presidential coins for sale to collectors. Demand for $1 coins to be used in general circulation will be met through the Federal Reserve Banks' existing inventory of more than 1.4 billion coins, which will be drawn down over time.
"At the Treasury Department, we're continuing to work hard in support of President Obama and Vice President Biden's efforts to cut waste and streamline government," said Treasury Secretary Tim Geithner in a press statement. "Putting a stop to the minting of surplus $1 coins represents a significant opportunity to reduce costs and improve efficiency."
Also See:
Yet Another Dollar Coin?
Mint Survey: Most Americans Can't Name Founding Fathers
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Photo: Possibly First U.S. One Dollar Coin - Getty Images
Comments
People have been collecting these rolls of Presidential gold dollars and now they are going to stop?? Tell me…how much does a $25 roll of these coins actually cost? Instead of stopping for whatever cockamamy idea Obama and Biden have come up with. Add a surcharge of $1.50 to each roll. OH..that way the government could MAKE money instead of taxing us to death to TAKE our money.
Last I checked coins last a lot longer than paper does. Maybe they ought to do away with the $1 bill.
Obama and Biden…what a pair. They’re saving money on coining presidential 1$ coins and blowing trillions of $$$$.
i’m not a coin collector,I just collect them 4 my kids,grand kids & great grand kids.I buy 1 role every 3 months when they come out ever since they came out & now you are going 2 tell us that u are going 2 stop making them.I think that sucks,it just not fair .We are about half way through & u are telling us that we can’t finish our collection.What are we surpose 2 tell our kids,grand kids, & our great grand kids about our president coin collection that we have been saving 4 them all this time & now we can’t finish them.I am really upset because I am disable & don’t have lots of money but I thought that was something that I could hand down 2 them & maybe they would b worth something some day.And something that would remind them of me.It was going 2 mean something speicial 2 me & 2 them & please tell me what good they are going 2 be know.There isn’t any words that can explain how hurt & angry I feel,and how important they were 2 me.
This is just great! Now I have half of my coin collection book filled up, an there will never be a chance to fill the second half.
I’m wondering if you people are really serious. Billions of dollars wasted on a coin that’s barely been in circulation because no one wants to carry heavy coins, and you are complaining that you can’t finish your collection?
” According to a June 2011 report from the Federal Reserve Board of Governors, interest in the coins has declined precipitously. As a result, excess quantities of unused coins have piled up, forcing Federal Reserve Banks to transport the coins—at a cost of over $3 million—to a new $650,000 storage facility, which was built at taxpayer expense. The facility will store over $1.2 billion in $1 coins, an increase of $1.1 billion since the start of the presidential coin program.” If your collection is what bothers you, you must be in the 1%. Or just politically and fiscally irresponsible.
This is an old thread, but I see several comments complaining about how a person was collecting them and is now lamenting that they can no longer collect them.
They are still producing the coins for collectors, which means that collectors can still get uncirculated coins. They simply stopped making massive quantities for circulation because no one uses them.
If anything, it is unsavvy to keep collecting a coin series when demand is so low that they built a vault to store $1.2 billion worth of the coins. In collecting its a terrible idea to collect an item with an oversupply of 1.2 billion units. If the coins do appreciate in value, then they will appreciate at a slower rate than inflation. In other words, if you are thinking of collecting these coins YOU ARE GUARANTEED TO LOSE MONEY.
I would like to know where I can find the rolls of new presidential dollars without paying a premium plus shipping.
The presidential dollar “gold” coins would be popular if they didn’t tarnish so fast! They look great when freshly minted, but within a month or so (with regular handling) they tarnish badly.
I get a roll of 24 presidential dollars for $24 from the Littleton Coin Company. Shipping is free. Littleton will sell them at this price because they want to send you other coins “on approval.” You can send back the extra coins in a special postage-paid envelope that comes with your shipment.
KIds love these coins as prizes and for doing chores, such as walking the dog or taking out the trash.