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Presidential Dollar Coin Production Halted by US Mint

George Washington Presidential $1 Coins (Scott Olson/Getty)

Are you collecting the presidential $1 coins?

It might be tough to complete your entire collection now because production of the golden dollar coins was stopped in December.

Vice President Joe Biden announced last month that the government would halt production of the presidential $1 coins for circulation.

Instead, the U.S. Mint will produce a limited number of the coins which “will be sold to collectors at a premium so it will ensure that coins will not be produced at a cost to taxpayers”  according to U.S. Treasury spokesman Matt Anderson.

There is a surplus of 1.4 billion presidential $1 coins in the vaults of the Federal Reserve according to the U.S. Treasury Department. The government will save taxpayers at least $50 million dollars each year in production and storage costs by suspending the program.

The U.S. Mint had been on track to produce 1.6 billion more presidential $1 coins by the time the program was scheduled to end in 2016.

The move was made to help control the government’s wasteful spending.

We’ve collected the first three years of the presidential $1 coins and the feature I liked best was that the year, mint mark and “E Pluribus Unum” are all etched on the edge of the coin.

Who knows, maybe the coins will become more valuable with time now that the program has ended.

 

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