During the month of January 2012, the United States Mint began production of the 2012 Presidential $1 Coins, striking a total of 1.68 million coins combined across the Philadelphia and Denver mint facilities. The initial production level represents a sharp decline from the year ago period of January 2011 when the Mint struck 72.66 million Presidential Dollars.
The substantially reduced production level follows the decision of the Treasury Department to suspend production of the series for circulation, with the US Mint striking only the limited number of coins need to satisfy demand from collectors.
During the first five years of the program from 2007 to 2011, the Mint had produced a total of 2,376,250,000 Presidential Dollars for circulation. Production levels had remained at unusually high levels in large part due to a requirement that Federal Reserve Banks make each of the four different designs released annually available to depository institutions during an introductory period. Since a large proportion of the $1 coins were not ordered or ultimately redeposited, this led to a build up of about 1.4 billion $1 coins held in storage at Federal Reserve Banks.
When the suspension was announced, the Treasury Department indicated savings of $50 million in production and storage costs annually. Opponents of the suspension have argued that the potential costs savings from eliminating the $1 bill and fully transitioning to $1 coins would be far greater, citing a report from the Government Accountability Office projecting savings of $5.5 billion over 30 years.
Going forward, the limited number of Presidential Dollars produced by the United States Mint will not be distributed to the channels of circulation. Rather the coins are expected to be made available within rolls, bags, and boxes priced at a premium to face value and sold directly by the United States Mint.
The coins produced last month likely feature Chester A. Arthur, the 21st President of the United States. Prior to the announcement of the suspension, these coins were expected to be released into circulation on February 16, 2012. The United States Mint has not yet announced when they will begin sales of the rolls, bags, boxes, and other products containing the coins.
Why can’t they be professional and stop playing games.. just annouce the date of release and stick to it. El Yunque was delayed at the last minute already this year. Does anybody know what they are doing there. They raise prices last year to double face on rolls and bags of quarters. I think Congress gets involved… dump dollar bill and go to $1 coins like all non 3rd world counties have already done. Cost us 25 million dollars a OVER fave value to mint cents and nickles.. almost 2c to mint a cent and almost 10c to mint a nickle. Our government is wasting millions of our money!
Rather than debasing coins, The government should also release a series coins that increase in value based on their metal content. For instance, the nickel could still be made, but just remove the “FIVE CENTS” from it and assign it a new value of 10 cents. The value could be subsequently be increased to 15 cents, or 20 cents down the road as inflation gets worse. Voila, instant inflation proof currency! The government could also starting reissuing .900 silver “dimes”, “quarters” and “half dollars” again. But again, no face value, just 1, 2.5 or 5 trade units or something. Then the value increases based on the metal value. The same thing can be done to silver eagles, gold eagles, and fractional gold eagles. People seem to have forgotten the meaning of coins: they have always been an escape hatch, when people didn’t trust what government or banks were doing with their money! This definition for coins needs to return. Look up Hugo Salinas Price. This is largely what he is proposing for Mexico – make the Mexican Silver Libertad a non-depreciating legal tender coin, to protect people’s savings from the ravages of inflation!
I propose a new economic stimulus program. Send every man, woman, and child in the U.S. 4 of the dollar coins from the Federal Reserve’s overstocked inventory. With our population just over 300 million people, 4 coins per person would reduce the inventory to a level in line with circulation demand for the coins, while putting $1.2 billion into the economy. The letter containing the coins should state that these coins are yours do collect or spend as you like except for one thing: you are prohibited from taking them to a bank to deposit them or exchange them for paper money.
Unbelievable——–Halfway thru the series of coins we’re told we have to get them from the Mint!!! Some of us don’t want rolls of coins, just a few to complete the coin books every one was selling when the coins first started being released!! Now what do we do?
I too am quite unhappy that halfway thru the series, these Presidential coins will NOT be available thru our local banks as before. Now if we want to continue our collection, we are being forced to pay more than face value. I want the rolls but I don’t like being limited to how many rolls I can buy and having to pay more than $25.00 per roll for them. What to do now???
i think this concept of having to buy our coins from the mint sucks. i have been buying collectiable for a long time and not to be able to complete sets for my children and grandchildren is inexcuseable.
this sucks…only want 1 of each for my infant son!! Typical government screw-up…HALFWAY thru collection set…….I quess I should NOT be surprised!!
This is very unfair. Half way thru the collection, you stop having the rolls at banks for $25 and now we have to pay $37 + per roll thru the mail. You should have a way for us collectors to get each roll as they become available automatically, by credit card, for the original $25, thru the mail. I’m even willing to pay a modest S & H. This service should be able to be started where the banks left off.
I prepaid for the entire set of gold presidential coins in 2007. The last four or five coins I rec’vd I had to call them directly and tell them, where are my coins? Now I have only half of them (20) in a framed piece I also bought, the entire deal was from the “World Reserve Monetary Exchange (WRME).” This frame only allows for coins contained inside circular plastic sleeves, which fit in the frame. Now it looks like the WRME is screwing me over and they stopped delivery of these coins, and my framed piece is only half done. Went on eBay today and some coin dealer has them (21st president Chester B. Arthur), and is selling them at more than double their face value, without the plastic sleeve covers. Some guy names Timothy G. Shisler – Chief State Advisor states “It is the responsibility of this office to ensure that you receive all forty of your official U.S. Mint Presidential Dollar coins.” What ever happened to integrity and honesty? I want my damn coins in plastic sleeves! Guess I will never ever collect coins again from Timothy “Scheister” & WRME…
I’ve collected rolls for my grandchildren since the first presidential dollar coins were minted. More importantly, I used the coins to purchase items and to leave for small tips. If the treasury was really, truly interested in having a dollar coin in use instead of a paper dollar, the treasury would have withdrawn the paper dollars from circulation. They seem not to have full ownership of the plan and now the public pays to have the coins stored away. Who will benefit from this situation? Why, coin dealers who will purchase the dollars from the mint and sell them to collectors. Now, I’m a collector but to be forced to buy these coins from a dealer or the U.S. Mint is a ridiculous move by our government which, in the first place, wanted the coins to replace the paper dollar in circulation.