The Federal Reserve System’s inventory of Presidential dollar coins continues to gradually decline, although Federal Reserve Bank and contracted coin terminal vaults still store an estimated 1.358 billion coins.
That total reflects approximately 1.29 billion more dollar coins in inventory than before the Presidential $1 Coin Program was inaugurated in February 2007 with the George Washington dollar.
The Board of Governors of the Federal Reserve System expects the inventory of Presidential dollars to drop below the 1.36 billion level by the time it delivers its 2015 Annual Report to the Congress on the Presidential $1 Coin Program in July.
In its 2014 annual report, the board announced the inventories of Presidential dollars in storage were $50 million lower than the previous year as of June 30, 2014.
Federal Reserve officials continue to assert that sufficient inventories of Presidential dollars remain to meet the demands of commerce without striking additional coins for circulation.
The U.S. Mint has not struck any circulation-quality Presidential dollars for commerce since Treasury Secretary Timothy F. Geithner’s Dec. 13, 2011, edict halting all such production.
The 2011 James A. Garfield Presidential dollar was the last struck in circulation quality intended for circulation.
Circulation-quality Presidential dollars are still being produced, however, but for numismatic product sales in bags and rolls, sold at premiums above face value. Native American dollars are also being struck in circulation quality for numismatic sales.
Federal Reserve inventories of Presidential dollars reached 1.42 billion coins before Geithner ordered production for circulation to end at the Denver and Philadelphia Mints.
Before Geithner announced the cessation of circulation output, plans had been developed for an expansion of storage facilities at the Federal Reserve Bank of Dallas to accommodate the growing Presidential dollar inventories.