A decision was made by the Treasury Department which will change the implementation of the Presidential $1 Coin Program. Secretary Geithner has approved a Treasury recommendation to suspend minting of $1 coins required under the provisions of the Presidential $1 Coin Act of 2005. This decision is effective immediately and means that the President Chester A. Arthur $1 coin will not be released for curculation in February 2012 as planned. There are also no plans to produce further Presidential or Sacagawea $1 coins for circulation. The U.S. Mint will make a limited number of these coins available for numismatic purposes on its website.
Despite this new development, Reserve Banks will have no difficulty in meeting regular customer demand for the $1 coin generally as they are currently storing 1.4 billion excess $1 coins in inventory, enough to meet demand for at least the next 18 years. Going forward, Reserve Banks will fill orders for $1 coins with circulated coin before newly minted coin in inventory.
For further information about this decision, please refer to the Treasury Department's website.