Report

2013 Annual Report to the Congress on the Presidential $1 Coin Program

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 to encourage the acceptance of $1 coins; and recommendations for legislative action that the Board may determine to be appropriate. The United States Mint has not produced Presidential $1 coins for circulation since December 2011, but continues to produce them for collectors. As a result, the Federal Reserve Banks (Reserve Banks) meet depository institution demand with existing $1 coin inventories. In 2012, these depository institutions indicated that the suspension of minting Presidential $1 coins for circulation eliminated operational challenges associated with distributing the $1 coin, and that they have received only a few questions from customers about obtaining newly minted $1 coins.

Bibliographic Information

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

Part of Series: Reports and Studies

Publication Date: 2013