Effective immediately, the United States Mint will suspend the production of additional Presidential $1 Coins for circulation. The move follows public scrutiny of the program after reports of a surplus of more than 1.4 billion $1 coins stored at Federal Reserve Banks.
The suspension was announced by Vice President Biden and Treasury Secretary Timothy Geithner as part of the Administration’s Campaign to Cut Waste. Under existing law, Secretary Geithner has the authority to “mint and issue coins… in amounts the Secretary decides are necessary to meet the needs of the United States.” The number of excess dollar coins in storage are already expected to meet demand for more than a decade.
Henceforth, the United States Mint will only strike the limited number of Presidential Dollars necessary to fulfill demand from collectors. The continuation of the series with four different designs per year honoring the former Presidents is required under Presidential $1 Coin Act (Public Law 109-145.)
During 2011, the US Mint struck 297,360,000 Presidential Dollars for circulation at the Philadelphia and Denver Mint facilities. Since the start of the program in 2007, production for circulation has totaled 2,376,250,000.
Six different bills had been introduced in Congress which sought to abolish, limit, or suspend the production of additional $1 coins by striking or modifying the requirements set forth in the Presidential $1 Coin Act. A single bill had been introduced which instead sought to phase out $1 bills in favor of the $1 coins.