THE US GOVERNMENT insists on minting more $1 coins, despite the public’s disinterest in using them, the BBC reports.
The coins, which were introduced in 2007 to commemorate dead US presidents, have failed to take off among spenders are instead stacking up in the Federal Reserve. The US Mint has planned to release four new coins a year until 2015, and two coins in 2016.
Consumers apparently prefer to use the $1 note, which is the most common denomination of US currency.
Coins can outlast notes by decades, and switching to the $1 coin could save the US up to $700m a year in note production costs. The US has no plan in place to officially discontinue either the $1 note or coin.
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