2012 Annual Report to the Congress on the Presidential $1 Coin Program

Board of Governors of the Federal Reserve System (U.S.)

Reports and Studies from Board of Governors of the Federal Reserve System (U.S.)

Abstract: Pursuant to section 104 of the Presidential $1 Coin Act of 2005 (Public Law 109-145), the Board of Governors of the Federal Reserve System (Board) is required to submit an annual report to the Congress that includes an assessment of the remaining obstacles to the efficient and timely circulation of $1 coins; consultations with industry representatives, the vending industry, and other coin-accepting organizations; and recommendations for legislative action that the Board may determine to be appropriate. Since our 2011 annual report, there was a substantial change to the Presidential $1 coin program. On December 13, 2011, the Department of the Treasury (Treasury) announced that the Secretary had suspended the minting of Presidential $1 coins for circulation. The United States Mint, however, will continue to mint and issue circulation quality Presidential $1 coins in the new designs to meet collector demand. As a result of this change, the Federal Reserve Banks (Reserve Banks) have been meeting depository institution demand with existing $1 coin inventories.

Date: 2012
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