$1B in coins in Feds vault

http://moneyland.time.com/2011/06/29/inside-the-fed’s-vault-1-billion-worth-of-unused-coins/


In the basement of a Baltimore vault the size of a soccer field, 1 billion dollar coins are just sitting there. Thanks, Congress.

 

Its hardly Congress' fault if Americans are too stubborn to use a superior type of low-denomination currency.

 

The link is not working for me???

 

Looks fine here.

 

Melt value would exceed the value of a $1 fiat fed reserve note so if I was in the US I'd definitely take them over paper.

 

Also worth noting:

Check my maths, but if only 60% of them made it into circulation, the US Mint would have made 2.5 billion $1 coins in total. 2.5 billion * 30c = $750 million to produce.

Cost = $750 million
Sales = $1.5 billion (2.5 billion minus 1 billion in the vault leaves 1.5 billion that must have been sold).
Profit so far = $750 million

So even with a billion dollars sitting unsold in the vault, the US government has made three quarters of a billion dollars on an "unsuccessful" program.

I wish I could screw up like that.

 

+1