Federal Reserve Inventories of $1 Coins at 1.155 Billion

by Mike Unser on September 7, 2018 · 5 comments

The U.S. has tons of $1 coins in storage, according to Federal Reserve data released Aug. 10, 2018, although their numbers are declining somewhat every year.

Photo of 2018 Native American $1 Coins

The United States Mint produced golden-colored, manganese-brass dollar coins for commerce until 2011. Federal Reserve Banks now store 1.155 billion of them. Today, the U.S. Mint strikes dollars only for numismatic sales. (Shown: CoinNews photo of 2018 Native American $1 Coins.)

Reserve Bank inventories of dollars are down to 1.155 billion coins through the second quarter of 2018 after peaking to 1.440 billion coins in the third quarter of 2012.

Dollar inventories are trending lower from that peak by an average of about 4.3 million coins per month. Still, at that rate, it would take more than two decades for the Fed’s supply to run out.

Most of the vaulted dollars are Presidential $1 Coins. As directed by Public Law 109-145, the United States Mint struck circulation dollars in commemoration of former American presidents from 2007 to 2016. Then there are Native American $1 Coins, which the U.S. Mint continues to make under Public Law 110-82 at a rate of one new design each year.

The public never got behind the two programs, preferring paper money instead. Dollar inventories climbed as a result, surging by as much as 298 million coins a year. The trajectory had Fed officials talking about the need for more storage facilities.

$1 Coin Quarterly Inventories, Payments, and Receipts

Federal Reserve Bank $1 Coin Inventories, Payments, and Receipts

The dollar build-up was eventually checked after Treasury Secretary Timothy F. Geithner halted $1 coin production for commerce. Geithner’s order came down in December 2011 when Fed dollar inventories had already reached 1.42 billion coins.

Today, the United States Mint continues to strike circulating dollars but only for collectible products they sell to the public. The agency’s $1 coin production totals went from a combined 374.92 million in 2011 to 49.92 million in 2012. More recently in 2017, they dropped to just 3.36 million — all Native American $1 Coins. Dollar mintages as of this writing are at 3.5 million dollars for 2018. That is expected to climb some as the U.S. Mint introduces American Innovation $1 coins, the new dollar series for coin collectors that is directed under Public Law No: 115-197.

As a comparison to the most Fed ordered U.S. denomination, the U.S Mint produced over 4.2 billion 1-cent coins for circulation in the first half of this year alone.

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Andrew
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Andrew

How many billions of dollar notes have been printed and shredded in the last 6 years? Zero in Canada, which is the same as their penny production.

joera
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joera

I’m no expert in anything but it seems to me that this makes no sense at all. Strike more coins just to be stored and then build more buildings to store more??? Plus the cost of storing the coins in those buildings??? They don’t just sit there at no cost. There are expenses to storing anything.

Richard
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Richard

They are only striking limited runs to sell to collectors, in proof and mint sets, rather than large numbers in the vain hope of circulation. Of course that doesn’t mean all the sets will quickly sell. It took several years to get rid of the 1999-P Anthony proof dollar, and that had a run of only 750,000. Still, seen in this light it is awesomely moronic to start another series (American innovation). The initial design was so bad the artistic committee couldn’t accept anything, and the idea is pointless. As Andrew says, if the paper dollar is removed then the coins may circulate. As it is the whole situation certainly does make no sense, new mintings or not.

Butch
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Butch

You buy one dollar coins for $109 00 for 50 coin in a tubes, they are still valued at $1.00 after 11 years since my purchase, you lose 50 dollars per tube when you sell coins now . Coin shops here in Houston are not buying . 10 tubes of 1dollar coins worth 500 dollars at the Bank, not 100 dollars you paid .

Vadim
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Vadim

They need to make $1 or $5 Gold Comemorative Presidents. They did First Ladies why now the husbands? I bet the market is hot for it.