"I am pleased by the recent announcement of Treasury Secretary Tim Geithner regarding the minting suspension of unneeded $1 coins. This announcement parallels the provisions in Section 3 of HR 2789, the Prevention of Wasteful and Unneeded Coins Act, which I introduced on August 1, 2011. Treasury Department data show suspension of $1 coin production will save the American taxpayer an estimated $50 million annually. With close to a billion and a half $1 coins currently sitting in Federal Reserve vaults it is clear that a sufficient supply exists to satisfy actual demand for many years to come."
Quick Facts about H.R. 2789 (introduced on August 1, 2011)
* Temporarily suspends the further production of $1 coins, both Sacagawea and Presidential, until the excess stockpiles have been reduced to levels only needed to meet public demand.
* Removes language in current statute that mandates an additional twenty percent excess production of $1 Sacagawea coins in addition to the annual production of $1 Presidential Coins outside of actual demand.
* Removes the requirement that all $1 coins be distributed to financial institutions in "unmixed quantities."
Statement from the Treasury Department can be found at: http://www.treasury.gov/press-center/news/Pages/121311-campaign-to-cut-waste.aspx