Annual Report to the Congress on the Presidential $1 Coin Program
The United States Mint has not produced Presidential $1 coins for circulation since December 2011, but continues to produce them for collectors.1 As a result, the Federal Reserve Banks (Reserve Banks) meet depository institution demand with existing $1 coin inventories.
In the past year, the Federal Reserve held regularly scheduled meetings with depository institutions to gather feedback about demand for $1 coins and potential obstacles to their circulation.2 In 2012, these depository institutions indicated that the suspension of minting Presidential $1 coins for circulation eliminated operational challenges associated with distributing the $1 coin, and that they have received only a few questions from customers about obtaining newly minted $1 coins. Board staff also received only a few calls on this topic. Since our last report, depository institutions have not expressed concerns related to the demand for $1 coins.
1. Treasury's announcement can be found at http://www.treasury.gov/connect/blog/Pages/Reducing-the-Surplus-Dollar-Coin-Inventory-Saving-Taxpayer-Dollars.aspx. Return to text
2. Beginning in 2008, the Federal Reserve and the United States Mint agreed to meet with their respective coin user groups through normal channels each year of the program and share feedback as appropriate. Return to text