American Stockpile

George Washington Presidential Coins

The title might allude to nuclear weapons, but the stockpile of American dollar coins isn’t as dangerous, but it is just as scary, at least to Americans. In 2007 a law came into effect creating a series of one dollar U.S. coins commemorating dead presidents. Originally released as collector coins, the government has been trying to put them in every pocket, and for good reason. With coins lasting more than ten times more than bills, replacing the one dollar bill with its coin counterpart can save the government between $500 and $700 million.

So why is there a stockpile of the coins? Turns out Americans don’t want to give up the bill with the seal. And because of that, government vaults across the States have been storing more than $1.1 billion worth of the coins as even banks feel out-of-place accepting them from members. By 2016, that number will grow to a staggering $2  billion worth as mints keep making the coins and the public keeps rejecting them. And unless the government starts phasing out the dollar bill, the coins will never become mainstream.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s