Biden announces U.S. will halt production of excess dollar c

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Biden announces U.S. will halt production of excess dollar coins and Department of Justice recovered a record $5.6 billion in fraud in 2011
12/13/2011 12:01 AM EST


As part of the Obama Administration’s Campaign to Cut Waste, Vice President Biden today announced the U.S. Mint would suspend the production of presidential dollar coins for circulation. Today, nearly 1.4 billion surplus dollar coins are sitting in Federal Reserve vaults due to lack of demand for the coins. By halting this unnecessary production, the administration will save taxpayers at least $50 million per year in production and storage costs. The vice president made today’s announcement at a Cabinet meeting focused on the president’s commitment to cut waste and eliminate misspent dollars across the federal government.

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