Tuesday, December 13, 2011

US Mint to Cease Production of $1 Presidential "Gold" Coins

The AP reports that the US Mint will cease production of the $1 Presidential coins due to lack of demand/ use.  The move will save $50 million.  LOL Something tells us that had the Mint produced the coins using fine .999 AG or AU it would have had no issue selling the coins.
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.
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