WHAT: One billion $1 coins are just sitting piled high in a Baltimore basement vault bigger than a football field. There’s been no demand for 40 percent of the commemoratives produced under the Presidential $1 Coin Act of 2005.
HOW VALUABLE: That $1 billion can’t just be taken to help pay down the national debt. The stored coins aren’t actually money until they enter financial circulation. They have no real-world value until a bank or a collector actually buys them.
WHY IT’S OUTRAGEOUS: Each $1 coin costs the government 30 cents to make, so the oversupply has cost taxpayers $300 million. When the half-finished series finally ends, the unwanted excess could double to 2 billion coins.