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The curious case of the $1 coin
This FRED graph shows the number of $1 coins stored in Federal Reserve Banks. These data are part of a release that measures the volume and value of currency by denomination: It includes multiple banknote denominations but just one coin, the $1 coin. The U.S. government has long attempted to replace $1 bills with $1 coins. The first was the Morgan dollar (1878-1904), which was barely used in circulation because the public preferred silver certificates. More sustained efforts started in 1971, as the production of $1 bills was significantly more costly than coins, as the bills needed to be replaced after only a few ... (full story)