Obama Administration Cutting Back on Presidential Coin Production

December 13, 2011 Updated Dec 13, 2011 at 3:18 PM EDT

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Obama Administration Cutting Back on Presidential Coin Production

December 13, 2011 Updated Dec 13, 2011 at 3:18 PM EDT

According to the official Office of Management and Budget blog, the Obama Administration on Tuesday said it will stop production of excess $1 Presidential coins, a move that will save at least $50 million a year.

According to the blog post written by Office of Management and Budget Director Jack Lew, more than 40 percent of the Presidential coins issued by the U.S. Mint are currently in storage at the Federal Reserve. Only a small number of new coins will be produced to be sold to collectors, according to the post.

Read the blog post HERE.