While the dollar may be Almighty today, the coins themselves are not always wanted.
Nick Graver emailed me about an article in a Rochester newspaper about the low demand for dollar coins. I found a more complete version of the article online at CNN. Here's an excerpt. The online version includes a nice slide show of U.S. dollar coins from 1794 to 2007.
To all the great mysteries of life, add this: Why is the lowly, tarnished penny so revered, and the shiny $1 coin so reviled?
Pennies proliferate. They fill our pockets. Our jars runneth over.
When we drop a penny, we conduct the ultimate cost-benefit analysis: Should I pick it up?
Consequently, pennies are everywhere.
But where are your Sacagaweas? And where are all those John Quincy Adams presidential coins?
The answer: in the inventory of the nation's Federal Reserve Banks.
The Federal Reserve Banks hold about $1.4 billion in $1 coins -- enough to meet the demand for the next 40 years.
In fact, far more than half of all $1 coins ever minted are in government vaults.
To read the complete article, see:
$1 coins: Unwanted, unloved and out of currency
Wayne Homren, Editor
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