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Wednesday, June 29, 2011

Inside the Fed’s Vault: $1 Billion Worth of Unused Coins

I think these coins are cool and would wear much better than paper dollars.

Amplify’d from moneyland.time.com

Inside the Fed’s Vault: $1 Billion Worth of Unused Coins

James Buchanan

In the basement of a Baltimore vault the size of a soccer field, 1 billion dollar coins are just sitting there. Thanks, Congress.

NPR’s Planet Money reporters recently investigated the $1 presidential coin program, which was a Congressional effort to get more $1 coins into circulation while also trying to be educational.

The problem is that nobody really wants them. Well, not nobody. Sixty percent of the coins make it into circulation. But that other 40 percent? They’re sitting in vaults. In fact, the Fed’s even running out of space for them.

Read more at moneyland.time.com
 

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