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Latino Daily News

Monday May 21, 2012

Ecuador Buys Millions of $1 U.S. Coins

Ecuador Buys Millions of $1 U.S. Coins

Photo: Ecuador Buys Millions of $1 U.S. Coins

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As the U.S. continues to debate the use of the $1 coin, Ecuador continues to import the currency.

Approximately $167 million in $1 U.S. coins was imported by Ecuador in 2011 and will start to circulate throughout the country on May 21.

Pedro Delgado, head of Ecuador’s Central Bank, says the coins were chosen instead over paper (cotton) money due to what people use it for.

Though $1 coins have been in circulation in the U.S. for years, because of budget constraints and increasing stockpiles of the relatively unpopular coins, the production of new Sacagawea and presidential dollar coins for circulation was suspended on December 13, 2011.

Future minting of the $1 coins will be made solely for collectors.