Congressional mandate means Fed stores more than $1 billion in $1 coins
In a dimly lit underground vault a block from Camden Yards, theFederal Reserve is holding millions of dollars in cash that nobody wants.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. 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.
"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.
Eventually they will stop printing the dollar bill and force us to use the coins they have stockpiled. Stippers won't be happy either.
ReplyDelete