MMC
12-14-2011, 02:10 PM
Searching for savings in a tough economy, the White House said on Tuesday that the U.S. Mint would scrap automatic production of millions of dollar coins bearing the image of deceased American presidents at a saving of $50 million a year.
The U.S. Treasury estimates there are almost $1.4 billion worth of dollar coins sitting in the vaults of the Federal Reserve, with 1.6 billion more coins scheduled to be minted over the next five years.
"They make hundreds of millions of these coins every year. Forty percent of them end up being returned to the Federal Reserve because nobody wants them," Biden told a meeting on cutting waste in government.
The surplus was created by a 2005 Act of Congress which instructed the Mint to produce 70-80 million coins per deceased president, of which there are currently 39.....snip~
http://news.yahoo.com/presidential-dollar-coins-victims-budget-crunch-192510623.html
1.4 Billion sitting in the Federal Reserve and the Demos are just finding it? So Biden says 40% are returned. Figure like 60%. So we know whoever is in office is making out like with 20% since no ones seems to excactly know. Althought Biden says now we will just produce only what the consumer wants.
I thought they wanted to go to coins as it would save more money not using paper. Either we had something up on it or it was up someplace else. I am sure they were talking about it and not wanting to print more paper dollars. As it costs more for the paper.
The U.S. Treasury estimates there are almost $1.4 billion worth of dollar coins sitting in the vaults of the Federal Reserve, with 1.6 billion more coins scheduled to be minted over the next five years.
"They make hundreds of millions of these coins every year. Forty percent of them end up being returned to the Federal Reserve because nobody wants them," Biden told a meeting on cutting waste in government.
The surplus was created by a 2005 Act of Congress which instructed the Mint to produce 70-80 million coins per deceased president, of which there are currently 39.....snip~
http://news.yahoo.com/presidential-dollar-coins-victims-budget-crunch-192510623.html
1.4 Billion sitting in the Federal Reserve and the Demos are just finding it? So Biden says 40% are returned. Figure like 60%. So we know whoever is in office is making out like with 20% since no ones seems to excactly know. Althought Biden says now we will just produce only what the consumer wants.
I thought they wanted to go to coins as it would save more money not using paper. Either we had something up on it or it was up someplace else. I am sure they were talking about it and not wanting to print more paper dollars. As it costs more for the paper.