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WASHINGTON -- Rep. Jackie Speier (D-San Mateo, CA) on July 19 introduced legislation she called the "Wasteful Presidential Coin Act of 2011" that would halt the production of the Presidential dollar coin series.
The measure proposed by the California congresswoman has not yet been assigned a bill number. | SEE DRAFT
The U.S. spends an estimated $300 million a year to store more than 2.4 billion unused, unwanted dollar coins in federal vaults, Speier said. She asserted that "...minting coins we don't use...[is] the glaring type of government waste that rightfully infuriates taxpayers. We should put a stop to it immediately."
The stored $1 coins represent more than half of all U.S. dollar coins in existence, Speier said. The U.S. Mint began issuing commemorative Presidential dollar coins in 2005 and will continue issuing them until 2016 unless Congress orders a halt to the program.
Speier's proposal states that if reserve levels of the coins drop below 10%, the Mint can resume production -- but not otherwise.