WASTE WACH: Like shoes in a closet the government stores more than $1 billion in coins
Fri, 06 Jun 2014 22:38:50 GMT —
WASHINGTON (WACH) -- The Federal Government is storing more than a billion dollars like someone who has one too many pairs of shoes in a closet.
The Federal Reserve now has a stockpile of more than $1.4 billion worth of coins collecting dust.
The bulk of the change is made up of one dollar coins. The cost to transport, store and maintain it in 2012 was more than $60 million.
That's up by 30 percent since 2008 when the tab for taxpayers was in the neighborhood of $20 million dollars.
WACH Foxâ??s investigative media partner, The Washington Times, analyzed the Government Accountability Office's latest report on the long running mess over coins.
â??This is part of the larger war between the $1 dollar coin and the $1 dollar bill and the government's efforts to switch over to the coin," said Phillip Swarts of the Washington Times.
You can read more about this story by going by clicking here.