The U.S. Mint will not produce one dollar coins stamped with the faces of past U.S. Presidents, the Obama administration said.
The White House, in a move to save $50 million in production and storage fees, is eliminating the collectible coins. That would mean a huge saving in a downturn environment. The announcement is part of the White House campaign to cut back on government waste.
One dollar coins, in surplus of 1.4 billion, are stacked in the vaults of the Federal Reserve. Also, 1.6 million one dollar coins, scheduled to be minted over the next five years, will not be produced.
“They make hundreds of millions of these coins every year, [and] 40 percent of them end up being returned to the Federal Reserve because nobody wants them,” Vice President Joe Biden said.
The Mint will make a limited number of presidential dollars available only to collectors willing to pay several times the face value, which will begin with one featuring Chester A. Arthur next spring.