Federal Reserve Bank is sitting on millions of dollars of unused $1 Sacagawea and Presidential coins

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#1 Thu, Aug 4, 2011 - 1:07am
Strongsidejedi
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Joined: Jun 14, 2011
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Federal Reserve Bank is sitting on millions of dollars of unused $1 Sacagawea and Presidential coins

https://www.bloomberg.com/video/72859192/

Want more evidence of how ridiculous our Congress and Federal Reserve Bank is?

July 22 (Bloomberg) -- Bloomberg's Lizzie O'Leary reports on proposed legislation to discontinue the U.S. Presidential dollar coin program. (Source: Bloomberg)

Basically the story is that after the US Congress created the one dollar Presidential coin program, they realized that the $1 bill was not banned. Therefore, everyone was still using the $1 bill instead of the coin. But, they also made a rule that the Sacagawea coin needed to be distributed with the Presidential coins.

So, huge amounts of Presidential coins are sitting in the vault and the reporter shows the bags.

LOL

Anyone want an American Silver Eagle?

They were busy minting these worthless $1 coins instead of the American Silver Eagle which was in short supply and out of production.

Edited by: Strongsidejedi on Nov 8, 2014 - 5:13am
Thu, Aug 4, 2011 - 9:58am
Paladex
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There was actually a scam

There was actually a scam associated with this ... You could go to the gov't website and "buy" these US dollars using a credit card. Then, you deposit the money into your bank account, and use it to pay the credit card. Since shipping is free, the transaction is a zero sum game ... UNLESS you get frequent flyer miles, cash back, or some other credit card reward, in which case you're racking up reward points at no cost to yourself. 

Don't get too excited though ... The ever-vigilant Uncle Sam shut down the program last week.

https://www.vendingtimes.com/ME2/dirmod.asp?sid=754303A430C54C2AA236B18E...

“Politicians are like diapers; they need to be changed often and for the same reason.” ― Mark Twain
Wed, Sep 21, 2011 - 11:26pm (Reply to #2)
pink freud
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Joined: Jun 15, 2011
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that will cause more coins to

 that will cause more coins to be stored

lol

way to go timmah!

you ass hole

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