Reed hails halt to presidential coin production

PROVIDENCE, R.I. -- Rhode Island's senior U.S. senator is praising a decision by the White House to suspend the production of new $1 coins bearing the likenesses of dead presidents.

U.S. Sen. Jack Reed says scrapping the coin was the right thing to do because they weren't popular with the public.

The presidential $1 coins were launched in 2007. Officials hoped the new coins would be as popular as the state quarter series, which generated billions in revenue from collectors. But the coins failed to catch on.

The Obama administration this month suspended mass production of the coins, a move which will save an estimated $50 million a year.

A small number of coins will still be produced for sale to collectors at no cost to taxpayers.

(Copyright 2011 by The Associated Press. All Rights Reserved.)