Lawmaker wants gov't to stop making dollar coin

This undated photo provided by the U.S. Mint shows the President John Adams presidential $1 coin. The second dollar coin in the new presidential series goes into circulation around the country on Thursday, May 17, 2007, with the U.S. Mint hoping it can turn 18th century statesman John Adams into a 21st century marketing phenomenon. (AP Photo/US Mint)

July 20, 2011 4:21:49 PM PDT
Congresswoman Jackie Speier has introduced legislation that would force the government to stop making the $1 coin.

More than a billion of the coins -- half of all the dollar coins in existence -- are sitting unused in the vaults of the Federal Reserve Bank, Speier says. The reason for their storage is because nobody wants to use or collect them.

Speier said it costs the government an estimated $300 million to create and store the coins, and the Reserve is going to continue to mint them until 2016.

Speier's bill would only allow more coins to be minted if reserve levels fall below 10 percent.