In continuing efforts to save governmental money (and waste) the Washington Post is reporting that the United States Mint will cease production of Dollar coins (with each carrying a deceased President's likenesses). More than 40% of the coins have been returned to the Fed because no one wants them. Who needs real money when 1s and 0s are all that counts nowadays?
White House cutting production of presidential dollar coins; will save taxpayers $50 million
The presidential dollar coin is falling victim to Washington’s cost cutting efforts.
The Obama administration is stopping nearly all production of the coins, which carry the likeness of every deceased President. The effort will save taxpayers $50 million a year in production and storage costs.
In 2005, Congress mandated that the United States Mint issue the coins. But the White House says more than 40 percent of the coins are returned to the Federal Reserve because nobody wants to use them.
Instead of producing 70-80 million coins per deceased president, the Mint will now only produce as many as collectors want.
The announcement is part of the White House campaign to cut back on government waste.