Current Weather
The Spy FM

White House Kills Dollar Coin Program

Filed by KOSU News in US News.
December 14, 2011

The federal government will stop minting unwanted $1 coins, the White House said Tuesday. The move will save an estimated $50 million a year.

Earlier this year, we reported on the mountain of $1 coins sitting unused in government vaults. The pile-up — an estimated 1.4 billion coins — was caused by a 2005 law that ordered the minting of coins honoring each U.S. president.

We calculated that the unwanted coins had cost taxpayers some $300 million dollars to make. There were so many coins piling up that the Federal Reserve was redesigning a vault in Texas to help hold them all.

We got to see a vault in Baltimore. It was the size of a soccer field, filled with bags of dollar coins. You can see the presidents’ faces on the coins. Andrew Jackson, John Adams, James Buchanan. The mint is only about half way through the presidents. And the pile of coins has been growing. The mint makes enough of each new coin to meet initial demand. But about 40% of those coins get returned to the Fed, where they sit unused. “As will shock you all, the call for Chester A. Arthur coins is not there,” Vice President Biden joked on Tuesday, as he announced the new policy. “I don’t mean to comment on his presidency, but it just is not very high.” The mint will continue to make a small number of the presidential coins, for collectors. The Treasury department estimates it will take about 10 years for the economy to absorb the 1.4 billion $1 coins now in storage. [Copyright 2011 National Public Radio]

Leave a Reply

9PM to 5AM The Spy

The Spy

An eclectic mix of the Spy's library of more than 10,000 songs curated by Ferris O'Brien.

Listen Live Now!

5AM to 9AM Morning Edition

Morning Edition

For more than two decades, NPR's Morning Edition has prepared listeners for the day ahead with two hours of up-to-the-minute news, background analysis, commentary, and coverage of arts and sports.

View the program guide!

9AM to 10AM The Takeaway

The Takeaway

A fresh alternative in morning news, "The Takeaway" provides a breadth and depth of world, national and regional news coverage that is unprecedented in public media.

View the program guide!

Upcoming Events in your area (Submit your event today!)

Streaming audio and podcasts

Stream KOSU on your smartphone

Phone Streaming

SmartPhone listening options on this page are intended for many iPhones, Blackberries, etc. with low-cost software applications available to listen to our full-time web streams, both News on KOSU-1 and Classical on KOSU-2.

Learn more about our complete range of streaming services

We're perfecting the patient experience - Stillwater Medical Center