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Say good-bye to the $1 coin

FILE - In this Jan. 24 2007 file phoprovided by US Mint new Presidential $1 coins are displayed Chicago. The

FILE - In this Jan. 24, 2007 file photo provided by the US Mint, new Presidential $1 coins are displayed in Chicago. The presidential dollar coin has fallen victim to Washington's cost cutting efforts. The White House said Tuesday it is stopping nearly all production of the coins, which carry the likeness of every deceased President. (AP Photo/United States Mint, Brian Kersey, File)

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Updated: December 14, 2011 2:09PM

Say good-bye to the $1 coin.

People have rejected them, so the Treasury Department will stop mass-producing them.

“They make hundreds of millions of these coins every year, [and] 40 percent of them end up being returned to the Federal Reserve because nobody wants them,” Vice President Joe Biden said.

The U.S. Mint has produced $1.4 billion in surplus $1 coins. Those are now sitting in Federal Reserve vaults.

The Treasury Department says the move will save $50 million a year.

The Mint will make a limited number of presidential dollars available only to collectors willing to pay several times face value — beginning with one featuring Chester A. Arthur next spring.

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