Wednesday, June 29, 2011

Wednesday Weirdness: The $1 Billion That Nobody Wants

Politicians in Washington hardly let a few minutes go by without mentioning how broke the government is. So, according to NPR, it's a little surprising that they've created a stash of more than $1 billion that almost no one wants.

Unused dollar coins have been quietly piling up in Federal Reserve vaults in breathtaking numbers, thanks to a government program that has required their production since 2007.

And even though the neglected mountain of money recently grew past the $1 billion mark, the U.S. Mint will keep making more and more of the coins under a congressional mandate.

The pile of idle coins, which so far cost $300 million to manufacture, could double by the time the program ends in 2016, the Federal Reserve told Congress last year…

Find out more at http://www.npr.org/2011/06/28/137394348/-1-billion-that-nobody-wants

No comments:

Post a Comment