US Facing Problem For Coins Money Space Storage
Piles of dollar coins worth USD1, 1 billion is estimated to equal to seven times larger than the Space Station. Coin money now only settles in the barn, because people do not want to use it.
Money supply is expected to grow approximately $ 2 billion in the next six years. As reported by the Telegraph, Wednesday (08/11/2010), based on a calculation, the United States Central Bank U.S. Federal Reserve (the Fed) will face the problem of shortage of storage space.
Only through Congress may slow the accumulation of coins, whether by printing paper money or stop producing dollar in coins.
Coin dollar money printing program was started three years ago, when Congress enacted the law. In fact, the coin that printed on the previous year was still in government’s safe-deposit.
Since the beginning of printing, approximately four billion coins have been printed. Approximately USD1, 7 billion coins has been distributed since 2007, while the funds are spent to promote the coins are approximately $ 30 million.
Initial estimate, the printing of a coin is expected to save approximately $ 500 million to USD700 million per year. The savings is to reduce the cost of the printing paper and printing costs. The assumption, coins last longer than paper money.
At the time of coin distribution, it becomes a polemic issue. Consumers are reluctant to bring a coin; because they fear that sellers would not accept it. While the seller did not want to store a coin, because they fear that the buyer did not want to use it.
“Americans are accustomed to using the fractional paper money. They do not usually use coins for transactions,” said Director Edmund Moy.
