If you really love $1 coins, you’re probably in the minority. The U.S. Mint announced their vaults are jammed so full of the things, they’re going to pull back on producing them. Not only do they have enough hanging around, the dang things keep coming back because people just don’t want them.
The Wall Street Journal says the U.S. government has about $1.4 billion worth of the coins, and production will be suspended on making any more.
Seems everyone is hating on them, as Vice President Joe Biden said yesterday, “Nobody wants them.”
It’s not just dollar coins that are unwanted — the WSJ says more than 40% of the coins that are minted come back to the Treasury, while the rest lollygag around in vending machines or coin collections. The dollar coins are unluckier than others, having never really caught on with the public. First it was Susan B. Anthony, then Sacagawea, then a succession of four dead presidents.
“And as it will shock you all, the call for Chester A. Arthur coins is not there,” Mr. Biden said at a Cabinet-level meeting of a White House campaign to cut government waste.
The Treasury says the halt in production will save taxpayers $50 million a year.
The Buck Stops Here: $1 Coins to Be Curtailed [Wall Street Journal]