Annual Report to the Congress on the Presidential $1 Coin Program 2014
Print- Background
- Recent Activities
- $1 Coin Inventories
Recent Activities
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 met with depository institutions and gathered feedback about demand for $1 coins and potential obstacles to their circulation.2 Similar to their feedback in 2012, depository institutions indicated that there are no 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 inquiries on this topic. Additionally, in a GAO report issued in October 2013, depository institution officials and coin terminal operators stated that $1 coins are readily available to the public throughout the country, but there is very low public demand for the coins.3
References
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
3. http://www.gao.gov/assets/660/658599.pdf. Return to text
