Growth of Presidential $1 Coins Slows Down

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September 11, 2012 – Plans by the Dallas Federal Reserve Bank to invest $650,000 facility in expanding its coin storage area from 3,000 to 6,000 sq ft to store excess Presidential $1 coins has been shelved, following the decision by the US Treasury Department to suspend production of the coins for circulation.

The Federal Reserve estimated in its 2011 annual report that it could end up holding more than $2 billion in $1 coins as inventory. As of the end of May, inventories totaled more than $1.4 billion. However, the growth of these inventories has slowed substantially since the decision to suspend minting was taken last December. They grew by 14 million coins for the first three months of this year, compared with an average growth rate of 66 million coins per quarter for the first five years of the program. According to the Federal Reserve, growth continued to slow in April and May, with the addition of 2 million coins.

You should visit the website of Currency News for more information or if you wish to subscribe to their excellent newsletter. Beside this article you can read in the current August issue many informative articles. Just to give you an idea here are some topics:

  • Bank of Jamaica Focuses on Durability for New Banknotes
  • The Mystery of Canada’s Melting Notes!
  • Innovative Retail Payments – the Central Banks’ Findings
  • Malawi’s New and Extended Currency Family
  • Next Step in Introduction of Brazil’s New Real Series
  • Japan Mint Targets Asia and the Middle East

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