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View Full Version : Production Of US Presidential Dollar Coins To Be Phased Out



pwaldo
12-13-2011, 09:10 PM
http://www.dailymail.co.uk/news/article-2073817/Dollar-coins-phased-out.html


The presidential dollar coin has fallen victim to Washington’s cost cutting efforts.

The White House said today it is stopping nearly all production of the coins, which carry the likeness of every deceased president.

The effort will save taxpayers $50million a year in production and storage costs, Vice President Joe Biden said today.

In 2005, Congress passed the Presidential $1 Coin Act, which mandated that the United States Mint issue four new coins each year from 2007 to 2016.

But as it turns out, there just wasn’t much demand.

'They make hundreds of millions of these coins every year, 40 per cent of them end up being returned to the Federal Reserve because nobody wants them,' Biden said at a Cabinet meeting to discuss the administration's latest efforts to cut waste, fraud and abuse.

The United States Mint had been producing between 70 and 80million coins per deceased president. But the lack of demand has resulted in nearly 1.4billion coins — or 40 per cent of those produced — being returned to the Federal Reserve.

Treasury Secretary Timothy Geithner said simply: 'We shouldn't be wasting money on money.'

The White House says the coin surplus will more than meet the demand for the coins for at least a decade. And the Mint will still be required by law to produce a small number of coins for collectors.

Taxpayer watchdog group Citizens Against Government Waste, however, has decried the new ban.

Organization president Tom Schatz told USA Today the dollar coin actually saves taxpayers money because it costs only 18 cents to produce, with the rest going to the government as profit.

Coins, he said, also last longer than dollar bills, and taking the bills out of circulation could save $5.6billion over 30 years, according to the U.S. Government Accountability Office.

The announcement is part of a White House campaign to cut back on government waste.

duane1969
12-13-2011, 10:21 PM
Good. It was a waste of money. Nobody uses these. Other than a limited number of people who collect them they have no usable value. What would you rather have in your pocket, $200 in $10 and $20 bills or $200 in dollar coins?

A few months ago I had to pay a $10,500 balloon payment on my mortgage and it had to be cash or cashier's check (I chose cash). Imagine the look on their face if I had shown up with 10,500 $1 dollar coins LOL.

Star_Cards
12-14-2011, 10:33 AM
nice to see something cut. It all ads up. I also heard that most of these coins were in vaults and obviously not used as currency. I don;t think the government needs to be in the business of creating collectors items.