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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
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In 2005, Congress mandated that the Mint make $1 coins with the likenesses of the presidents, four each year between 2007 to 2016.
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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.
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