Supply of unwanted dollar coins is likely to grow
By Nicole Gaudiano
Gannett News Service
Sunday, August 13, 2006
WASHINGTON — Inside the vaults and terminals of the Federal Reserve and U.S. Mint, a 3 1/2 year supply of dollar coins is gathering dust.
Americans seem to have little use for them. But instead of making fewer coins, Congress has decided to use tax dollars to make more, starting next year.
The Presidential $1 Coin Act requires the Mint to introduce four new presidential dollar coin designs annually and dedicate a third of its production to more gold Sacagawea dollar coins, which already are sitting in inventory.
Even politicians who shaped the legislation question its wisdom, and the Board of Governors of the Federal Reserve System is wondering what to do with coins that are about as popular with Americans as the metric system.
"What's a dollar coin look like these days?" Virginia resident Andrew Galbraith asked after using cash to pay Metro fare in Washington. "I can't remember the last time someone gave me a gold coin."
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