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Currency

Senators Call Dollar Coin Pileup 'Troubling'

Rutherford B. Hayes
U.S. Mint

As we've been reporting, there are now more than a billion dollar coins sitting unused in government vaults, wasting hundreds of millions of taxpayer dollars.

Now, three Senators have written a letter asking Fed Chairmen Ben Bernanke and U.S. Mint Director Richard Peterson about the pileup. The letter calls the situation "troubling" and asks a bunch of detailed questions about how the law might be fixed. (Here's the full text of the letter.)

Senator Tim Johnson (D-SD), chair of the Senate Banking Committee, along with committee members Jack Reed (D-RI) and Jon Tester (D-MT) signed the letter.

The Fed is running out of space to store the coins. "In particular, the Reserve Banks will construct a new storage facility at the Federal Reserve Bank of Dallas, at a cost of approximately $650,000," the Fed said in a recent report to Congress.