Federal Reserve Continues to Report $1 Coin Surplus

Under section 104 of the US Presidential $1 Coin Act of 2005 (Public Law 109-145), the Board of Governors of the Federal Reserve System is required to submit an annual report to Congress on the Presidential $1 Coin Program.

According to the Board’s most recent annual report, published in December 2022, Federal Reserve Banks currently hold sufficient $1 coin inventory to meet demand for nearly 16 years. The estimate reflects how long the current stock of inventory could meet demand, based on average demand over the past five years. This compares to the 2020 and 2021 reports which estimated that Reserve Banks held sufficient inventory to meet demand for nearly 21 and 19 years respectively.

A surplus of $1 coins is nothing new for the Federal Reserve, with Reserve Bank inventories peaking at 1.44 billion dollar coins in the third quarter of 2012. Production of circulating Presidential dollar coins was suspended by the Treasury Secretary previous to this, in December 2011, as part of the Obama Administration’s ‘Campaign to Cut Waste’ – aiming to save $50 million a year in storage and production costs.