Planet Money uncovers the fact that the US government has been minting dollar coins that no one wants to use. We prefer paper. A billion dollars worth of the coins that nobody wants is sitting in Fed vaults. And more are on the way–we’re only up to Ulysses S. Grant.
Why is Congress continuing with the program? This story may help–Arizona is rich in copper and Tennessee has zinc. Wonder what the coins are made of. Probably mostly copper. So Arizona politicians think it’s a good idea. They’ve pushed for the dollar coin before. I suspect somebody made a deal to get someone else to get behind it in exchange for doing that person a favor…
