Wednesday, December 14, 2011

Say So Long To Chester A. Arthur: Mint Ceases Dollar Coin Production

While the average Joe hardly has a dollar to spend as the Second Great Depression drones on, the U.S. government has decided to cease production of its presidential series dollar coins.

The Federal Reserve's vaults are currently stuffed with 1.4 billion of the gold-colored coins, which are out of circulation because "nobody wants them," says VP Joe Biden. More than 40% of the coins are returned to the government, while the rest await irritated Americans in USPS vending machines.

It's certainly not the first flop for a dollar coin in the U.S. The Susan B. Anthony dollar (1979-1981, 1999) never caught on because it was the same damn size as a quarter. Same for the politically correct Sacagawea Golden Dollars (2000-2008) and equally who-cares Native American $1 Coin, with the same front as Sacagawea and a different backside.

In 2005, Congress mandated that the Mint make $1 coins with the likenesses of the presidents, four each year between 2007 to 2016. The Mint is up to 20th president James Garfield. Next up: Chester A. Arthur. The Mint will continue production for collectors, without attempting to circulate them. There's a dumbass law that 20% of all the coins have to be Native Americans, which will also continue to waste time and money in limited production.

The move, the Treasury said, will save taxpayers $50 million a year (or about 15 minutes worth of the federal deficit).

Other nations have had great success with dollar coins (because they're a different weight and size than a quarter... duh), including Canada's Loonie and the U.K. pound coin.