Prevention of Wasteful and Unneeded Coins Act of 2011 - Amends federal law governing coins and currency to prohibit, for a 15-year period, the issuance of $1 dollar coins honoring each of the Presidents of the United States.
Authorizes the Secretary of the Treasury to resume issuance of such coins if the demand for $1 coins exceeds the number of them held in reserve.
Prohibits the Secretary from issuing any $1 coins if it would result in an excess stockpile of $1 coins not in circulation.
Repeals the requirement that the number of $1 coins minted and issued in a year with the Sacagawea design on the obverse be at least 20% of the total of such coins.
Repeals the requirement that, during an introductory period, all institutions that want to are able to obtain unmixed supplies of each newly-issued design of $1 coins minted under the President $1 and the First Spouse bullion coin programs.