Tuesday, December 13, 2011

Treasury to stop producing unneeded dollar coins

Treasury to stop producing unneeded dollar coins – The 1600 Report - CNN.com Blogs
In 2005, Congress enacted the Presidential $1 Coin Act, which mandated that the United States Mint issue new Presidential $1 Coins with the likeness of every deceased President.
But more than 40 percent of the $1 coins that the United States Mint has issued have been returned to the Federal Reserve, because nobody wants to use them.

As a result, nearly 1.4 billion excess dollar coins are already sitting unused in Federal Reserve Bank vaults – enough to meet demand for more than a decade.
But until today, the Mint was on pace to produce an additional 1.6 billion dollar coins through 2016.

Morons!

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