BALTIMORE -- In a dimly lit underground vault a block from Camden Yards, the Federal Reserve is holding millions of dollars in cash that nobody wants. The money -- stored in cloth and plastic sacks piled high on metal shelving units -- is in the unloved form of dollar coins, some of them never used. But a 2005 law requires the reserve bank to keep ordering coins regardless of its stockpile, and so vaults in Baltimore and around the country are filling up.
The presidential dollar coin has fallen victim to Washington's cost-cutting efforts. The White House said Tuesday it is stopping nearly all production of the coins, which carry the likeness of every deceased president. The effort will save taxpayers $50 million a year in production and storage costs.
SALT LAKE CITY (AP) -- Utah legislators want to see the dollar regain its former glory, back to the days when one could literally bank on it being "as good as gold. To make that point, they've turned it around and made gold as good as cash. Utah became the first state in the country this month to legalize gold and silver coins as currency. The law also will exempt the sale of the coins from state capital gains taxes.
NEW YORK - Two New York lawmakers called Monday for a crackdown on a company that is selling Sept. 11 commemorative coins supposedly containing silver from ground zero. S. Sen. Charles Schumer and U.S. Rep. Jerrold Nadler, both Democrats, said Port Chester, N.Y.-based National Collector's Mint is "profiteering off a national tragedy" by advertising its coins as an authorized memento of the World Trade Center attacks.
BOSTON (AP) - In an economic downturn, it might be tough to get your head around this: rare sheets of $100,000 bills, fabulous gold treasures dating back to the California Gold Rush era, rare coins including those tied to the first stirrings for America's independence and federal government securities worth more than a billion dollars. That's the backdrop of the country's premier money show, the World's Fair of Money, which has brought about 1,000 coin dealers and hundreds of collectors to Boston, seeking to tap into the surprising resilience of the coin industry.
Ten Horn Lake Middle School kids scooped up coins from a fountain in Downtown Memphis Tuesday and didn't get in trouble for it. Given permission by Jack Belz, the CEO of Belz Enterprises, the pupils waded through the mostly drained fountain at Peabody Place to corral a variety of coins.
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