Any reaction about the news today that the U.S. Mint will produce presidential dollars for collectors only starting next year? Pros & Cons? Thanks! (story from Mint News Blog) The United States Mint will immediately suspend production of Presidential Dollars for circulation. The announcement was made today by Vice President Biden and Treasury Secretary Geithner. Under existing law, the Treasury Secretary has the authority to “mint and issue coins… in amounts the Secretary decides are necessary to meet the needs of the United States.” The surplus of 1.4 billion dollar coins already produced and in storage at Federal Reserve Banks is expected to fulfill demand from circulation for more than a decade. During the year, there had been six bills introduced in Congress which sought to limit, modify, or abolish the Presidential Dollar Program. Apparently, legislative action was not necessary, as the Secretary of the Treasury had the authority to suspend production all along.
