Mint will only make enough to meet the demands of collectors who pre-order the coin. The next coin in the series - the President Chester Arthur $1 coin - will be released in the spring. Mint will begin making the coins again next year, but in much, much smaller numbers. The program was scheduled to continue until 2016, when, the Treasury Department estimated, there would be an inventory of 2 billion unused coins.īut don't despair for Grover Cleveland, or any other president who has yet to appear on a dollar coin. The presidential coin was introduced in 2005 by an act of Congress. "And going forward, we'll continue our work to identify additional opportunities to support President Obama's critical objective to cut waste and improve efficiency across government." "That's the right decision for taxpayers," Wolin said. The Treasury Department says the decision to suspend production of the coin is part of President Obama's effort to cut back on waste in government. As ABC News reported in July, there are so many unused coins that the Federal Reserve needed to spend $650,000 building an extra vault in Texas to store them. Transporting them and storing them cost millions more. Stopping production might upset those eagerly awaiting the upcoming President Grover Cleveland dollar coin, but the Treasury Department says it will save taxpayers $50 million a year. They had planned to keep going, making coins for every dead president. mint had already made coins for every president from George Washington to James Garfield: 1.4 billion of them now held in storage by the Federal Reserve. "Minting $1 coins that ultimately end up sitting in Federal Reserve Bank vaults - and serve no useful purpose for businesses, financial institutions and consumers - is simply not a prudent use of taxpayer resources," Treasury Secretary Neal Wolin said. If you were the federal government, what would you do if you had a billion unwanted and unused dollar coins? Until today, the answer would have been keep spending millions of dollars making more and more of them.īut the Treasury Department has now ordered that production of presidential dollar coins be suspended.
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