Mint To Scale Down Production Of Dollar Coins

By Pat Loeb

PHILADELPHIA (CBS) – You won’t have the dollar coin to kick around any more. Or, at least, you’ll have fewer of them. The mint is going to stop making them to put into circulation but a large stockpile remains.

Congress ordered the Mint, in 2005, to make four different dollar coins a year, each honoring a different president, until 2016. A handful of collectors seemed to be just about the only people interested in them.

By the sixth year of the program, Mint spokesman Tom Jurkowsky says, $1.4-billion coins had accumulated. “Not only manufacturing, but storing and protecting these in the Federal Reserve vaults just added to the economic challenges, if you will.”

Jurkowsky says the Treasury Department figured out they could obey Congress but produce far fewer coins — just enough for collectors, basically — and save $50-million a year. Coin fans say Treasury could save $55-million by eliminated dollar bills and forcing people to use the coins.

“We love coins. That’s what we do for a living here, but the greenback, the dollar bill has been part of our history and making change has been difficult.”

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One Comment

  1. Donna says:

    I like collecting these coins. Where am I suppose to get them from without having to pay $12.00 for a $1.00 coin?

  2. Paul Anderson says:

    The public has never had a chance to use dollar coins or to see how convenient they are. Many banks don’t have any and those that do make you wait or have to place a “special order”.

    Using dollar coins instead of bills would save hundreds of millions of dollars a year. Get rid of the penny, too, and save another couple hundred million of dollars every year.

    It is irresponsible of the Administration to halt production when it’s eliminating the dollar BILL would save so much more money.

  3. Grandpa says:

    I love the dollar coins, however the clerks at stores constantly do a double take when you use them. They’ve just never caught on in the US.

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