By Mayra Barrios
WASHINGTON- Vice President Biden announced on Tuesday December, 13 that the U.S. Mint would suspend the production of Presidential dollar coins for circulation as part of the Obama Administration’s Campaign to Cut Waste.
An estimate of 1.4 billion surplus dollar coins are sitting in Federal Reserve vaults due to lack of demand for the coins. By halting this unnecessary production, the Administration will save taxpayers at least $50 million per year in production and storage costs.
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.