$1 Billion That Nobody Wants

[jeff of pa]

Politicians in Washington hardly let a few minutes go by without mentioning how broke the government is. So, it's a little surprising that they've created a stash of more than $1 billion that almost no one wants.

Unused dollar coins have been quietly piling up in Federal Reserve vaults in breathtaking numbers, thanks to a government program that has required their production since 2007.

http://www.npr.org/2011/06/28/137394348/-1-billion-that-nobody-wants

 

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[Diver_Down]

I'm a bit surprised at the slant of the article. The dollar coin program has been a large money maker for the government. For the Federal Reserve, not so much. But if I have to pick sides, count me on the side of the government and not a central, private bank operating on a government charter.

 

[Emperor Findus Cladius]

If not for the paper lobby the dollar coin would probably be circulating a lot more now, and in reality would save the government a lot of money as a dollar coin lasts a lot longer than a dollar paper bill. Most people are not for it, but if the feds got rid of the one dollar bill then once the general public got use to it then it would not be that big of a deal.

 

[ImpurestStewart]

I'll spend it all!! Haul it to my house please fed. I need a bailout.

 

[joel_don]

I get them for change, from our local ice machine and most of the stores around here will not take them as currency..

 

[47thelement]

Average life of a $1 bill is 3 months.

enough said

 

[maipenrai]

In Europe, we have one and two € coins, and never hear anyone complaining about them. We also have 1 cent coins, but they are not really in circulation, and your grocery bill is always rounded off to the nearest 5 cents, up or down. No one is getting ripped off. The smallest bill is 5 €. It just seems a waste of money, to print something as small in value as a one $ bill. Sure, there was a time when the dollar was worth something, but those times are gone, and will never return. The same with the penny, its not worth anything. and cost more to make, than its worth, is that the American way?? Could be part of the reason why the dollar has lost so much value.

Another good reason for large denomination coins is its nice to find them!! Also for us people that like to empty our pockets into a jar when we get home, its a nice to suprise to find we have saved a few hundred Euro's, at the end of the month, not two dollars in pennies!