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  • Dollar coins piling up at Baltimore reserve bank

    09/20/2011 5:17:44 PM PDT · by george76 · 42 replies
    Herald-Review ^ | September 14, 2011
    In a dimly lit underground vault a block from Camden Yards, the Federal Reserve is holding millions of dollars in cash that nobody wants... 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. ... a 2008 Harris poll that showed 76 percent of Americans prefer paper money. It costs 30 cents to make a $1 coin, but the Fed purchases it for face value - and the U.S. Treasury pockets the difference. In 2010, the Mint put about 400 million $1...