Presidential Dollar Coins production downsized to save US Government $50 Million Annually

Presidential Dollar Coins - US Mint

(Best Syndication News) - The US Presidential dollar coins were not as popular as first anticipated and will be scaled back to save taxpayers' money. Since the 2005 Presidential $1 Coin Act, the US Mint has accumulated a 40 percent surplus of these coins that were returned to the Federal Reserve because not enough people wanted to use them.

Sitting in storage at Federal Reserve Bank vaults is over $1.4 billion in these Presidential dollar coins. Vice President Biden and U.S. Department of the Treasury Secretary Geithner said that this excess is enough to supply Americans with these coins for the next decade.

The US Mint plans were to make another 1.6 billion coins up until 2016. However, the Obama Administration is putting halt for producing more $1 coins to be used for circulation. However, the law still requires that the coins be minted in small numbers in order for coin collectors to purchase. The new coins would not cost taxpayers money to produce.

Originally, the US Mint was tasked with making 70-80 million coins per president, but now they will taper off production and make new coins for collectors as needed. The savings over the next several years is estimated to be $50 million annually.

“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 Secretary Tim Geithner. “Putting a stop to the minting of surplus $1 coins represents a significant opportunity to reduce costs and improve efficiency. In these tough times, Americans are making every dollar count, and they deserve the same from their government. We simply shouldn’t be wasting taxpayer money on money that taxpayers aren’t using.”

By: Nancy Connors

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