![]() Hayes, came out earlier this month - the Fed must be able to supply commercial banks with that new $1 coin, and only that coin, for several weeks. Each time the Mint issues a new presidential coin - the latest, featuring Rutherford B. Nonetheless, the law compels the Federal Reserve to keep buying the coins. ![]() ![]() president, in an effort to encourage consumers to make the switch from dollar bills to coins.īut the new line, which began rolling out in 2007, failed to spark a significant increase in demand, Fed officials said, and some commercial banks are threatening to stop ordering the coins altogether. that have more space," he said.Ĭongress created a program in 2005 to mint four new dollar coins a year, each featuring a different U.S. "At certain times, that vault will be full and we have to look for other Fed facilities. "This is just a small portion of what there is nationwide," Dave Beck, senior vice president of the Federal Reserve Bank of Richmond and regional executive for the Baltimore branch, said as he stood inside a small warehouse filled with money bags, each containing 2,000 coins. But a 2005 law requires the reserve bank to keep ordering coins regardless of its stockpile, and so vaults in Baltimore and around the country are filling up. The money - stored in cloth and plastic sacks piled high on metal shelving units - is in the unloved form of dollar coins, some of them never used. BALTIMORE - In a dimly lit underground vault a block from Camden Yards, the Federal Reserve is holding millions of dollars in cash that nobody wants.
0 Comments
Leave a Reply. |