As part of the Obama Administration’s Campaign to Cut Waste, Vice President Biden and Treasury Secretary Tim Geithner announced the U.S. Mint would suspend the production of Presidential dollar coins for circulation. Today, nearly 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. The Vice President made today’s announcement at a Cabinet meeting focused on the President’s commitment to cut waste and eliminate misspent dollars across the Federal government.
Read more about how reducing the surplus dollar coin inventory will save taxpayer dollars.