Money pit: Treasury storing 1 billion unwanted $1 coins — and more are coming 

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.

About The Author

Staff Report

Staff Report

Bio:
A daily newspaper covering San Francisco, San Mateo County and serving Alameda, Marin and Santa Clara counties.
Pin It
Favorite

Speaking of...

More by Staff Report

© 2018 The San Francisco Examiner

Website powered by Foundation