The US Mint is scrapping the production of dollar coins bearing the likeness of deceased Presidents as part of the White House's waste cutting campaign.
The coins were introduced following a 2005 Act of Congress but according to the White House "nobody wants to use them" and 1.3 billion - more than 40% of those produced - are sitting in storage at the Federal Reserve.
With the Mint slated to produce another 1.6 billion coins through 2016, the administration has decided to virtually ditch the coins in a move it claims will save around $50 million a year in production and storage costs.
Announcing the move, Vice President Joe Biden revealed: "As will shock you all, the call for Chester A Arthur coins is not big. I don't mean to comment on his Presidency but it just is not very high. Surprisingly, to my shock and dismay."
A small number will still be produced to be sold to collectors as is required by law but there will be no cost to the taxpayer.