Federal Reserve’s dollar coin stores good for 21 years
- Published: Jul 16, 2021, 10 AM
The Federal Reserve has sufficient inventory of dollar coins to meet projected circulation needs for the next 21 years, according to the agency’s 2020 annual report to Congress on the Presidential $1 Coin Program.
The report indicates that Federal Reserve inventory of $1 coins decreased by 41 million coins through June 30, 2020, to $1.064 billion coins.
The combined value of dollar coin inventory is $996 million more than the Federal Reserve Banks, Fed Branch banks and contracted armored carriers had stored in their vaults before the start of the Presidential $1 Coin Program in 2007.
The current inventory likely includes an undisclosed number of Native American dollars, since dollar coin legislation required that 20 percent of the number of circulation quality dollar coins struck and released into general circulation during the Presidential $1 Coin Program be Native American dollars.
According to the Fed’s Presidential dollar coin report, the second quarter 2010 dollar coin inventory stood at 954 million coins. Inventory peaked during the first quarter of 2012 when totals stored in vaults reached 1.434 billion coins.
Since then, annual inventory totals have steadily declined.
The report indicates that the totals of coins released into circulation include only those released by the Federal Reserve through its distribution channels, but does not include the number of dollar coins directly released into circulation by the U.S. Mint.
Through its Direct Ship Program, the U.S. Mint in 2011 released directly into circulation 77 million Native American dollars, and in 2012, another 1.4 million Native American dollars. The Mint discontinued its Direct Ship program in early 2012.
The last Presidential dollars struck and released into general circulation were 2011 James A Garfield dollars.
In mid-December 2011, the Treasury secretary, Timothy F. Geithner, halted the further circulation release of Presidential dollars, because coffers contained between 1.3 billion and 1.4 billion dollar coins. Presidential dollars from 2012 through the Ronald Reagan Presidential dollars of 2016 were struck in circulation quality at both the Denver and Philadelphia Mints, but not released into general circulation.
The circulation production moratorium also halted the circulation release of any additional Native American dollars in that ongoing series.
Circulation-quality dollar coins since 2012 are offered by the U.S. Mint for numismatic sales in rolls, bags and boxes at premiums above face value.
With the 2018 death of former President George H.W. Bush, Congress passed legislation to extend the Presidential $1 Coin Program to include a Bush issue.
The circulation-quality George H.W. Bush Presidential dollars of 2020, too, were released only through numismatic sales and not through the Federal Reserve.
“To ensure compliance with the Presidential $1 Coin Act, the Federal Reserve will continue to fulfill depository institutions’ demand for $1 coins with existing inventory, while the United States Mint will meet collector demand for new designs through direct sales,” according to the Fed’s report.
Since 2012, the Fed has advocated the elimination of its annual reporting requirement under the Presidential $1 Coin Act.
Full details of the Fed’s latest annual report to Congress on dollar coins can be accessed online at https://www.federalreserve.gov/publications/2020-presidential-dollar-coin-program.htm.
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