In its latest annual report to Congress, the Federal Reserve has indicated that it has 888 million dollar coins in vaults. While this is down from the over 1 billion it had last year, it still shows a significant inventory remains, and citizens need to be using dollar coins in manageable numbers.
For those who are outside of the United States or unfamiliar with it, the Federal Reserve System is effectively the central bank of the country.
The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.Wikipedia
While the Fed does not indicate the inventory breakdown, it will consist of Native American and Presidential Dollars. Some American Innovation Dollars may be in the mix too, but given those were never aimed to be circulated, it is unlikely or account for a very small percentage. The 888 million dollar coins in inventory continue to drop quarter-by-quarter, as shown in the quarterly report below:
| Mint Orders | Reserve Bank Receipts from Circulation | Reserve Bank Payments to Circulation | Reserve Bank Inventories | |
|---|---|---|---|---|
| 2022: Q4 | 0 | 21 | 46 | 888 |
| 2022: Q3 | 0 | 28 | 43 | 913 |
| 2022: Q2 | 0 | 23 | 52 | 928 |
| 2022: Q1 | 0 | 22 | 45 | 956 |
| 2021: Q4 | 0 | 20 | 33 | 979 |
| 2021: Q3 | 0 | 25 | 43 | 993 |
| 2021: Q2 | 0 | 20 | 47 | 1,011 |
| 2021: Q1 | 0 | 25 | 31 | 1,038 |
While it is good for the Fed to have high reserves, the report also speaks volumes to the need to release these coins into circulation – and replace the dollar bill. As has been proven over the history of coinage in the United States, that is unlikely to happen, barring the dollar paper bill being removed from circulation.