Tester eliminates waste in $1 Presidential coin production
Treasury Department will reduce coin production to match demand
(U.S. SENATE) – The U.S. Treasury will begin saving taxpayers money by limiting production of its one-dollar presidential coins, U.S. Senator Jon Tester announced today.
The Treasury currently mints presidential coins and sends them to Federal Reserve banks for circulation, regardless of public demand.
Tester asked the Treasury Department to reconsider the need to produce the coins and to ensure that it was not wasting taxpayer dollars. In response, the Treasury announced it will cut coin production to match demand, saving taxpayers at least $50 million annually for several years.
“Whether it’s pinching pennies or pinching dollars, no action is too small when it comes to cutting spending, going after waste and saving taxpayers money,” Tester said. “Reducing the production of coins most Montanans don’t use is common sense, and I’m pleased the Treasury is responding to our call for action.”
The Treasury Department will now mint and sell coins directly ordered by the public. Presidential coins will still be considered legal tender and available to businesses.
The move is another in a line of efforts led by Tester to cut government spending. Earlier this year, he supported an agreement to trim spending by $1 trillion over the next decade. He also is working with Sen. Tom Coburn (R-Okla.) to end unemployment insurance benefits for millionaires, which will save $20 million.