2010 Annual Report to the Congress on the Presidential $1 Coin Program

Pursuant to section 104 of the Presidential $1 Coin Act of 2005 (Public Law 109-145), the Board of Governors of the Federal Reserve System is required to assess and submit an annual report to the Congress on the remaining obstacles to the efficient and timely circulation of $1 coins; to assess the extent to which the goals of consultations with industry representatives, the vending industry, and other coin-accepting organizations are being met; and to provide such recommendations for legislative action as the Board may determine to be appropriate. Since our 2009 annual report, the Federal Reserve Banks (the Reserve Banks) distributed nearly 300 million James Polk, Zachary Taylor, Millard Fillmore, and Franklin Pierce Presidential $1 Coins, satisfying depository institution demand. To facilitate this successful distribution, the Federal Reserve continued to refine the Presidential $1 Coin Program based on stakeholder input and experiences with previous Presidential $1 Coin releases. The Federal Reserve held meetings with the depository institutions with the largest cash volumes and with community bankers, as well as with armored carrier representatives, to gather feedback about demand and potential obstacles to the circulation of $1 coins.