So the government’s stockpile actually grew.Īll of this information is gleaned from a Government Accountability Office report this week with the evocative title: “ U.S. More business returned the unpopular coin than asked for them. Last year, more $1 coins were returned to the Federal Reserve than were paid out. In fact, far more than half of all $1 coins ever minted are in government vaults. The Federal Reserve Banks hold about $1.4 billion in $1 coins – enough to meet the demand for the next 40 years. The answer: in the inventory of the nation’s Federal Reserve Banks. When we drop a penny, we conduct the ultimate cost-benefit analysis: Should I pick it up?īut where are your Sacagaweas? And where are all those John Quincy Adams presidential coins? To all the great mysteries of life, add this: Why is the lowly, tarnished penny so revered, and the shiny $1 coin so reviled?
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