I know that we’ve been debating getting rid of the penny for some time now,and there are a couple of reasonable arguments to be made for that. They cost more to produce than they’re worth and far too many of them are sitting on the sidelines. But until now I had no idea that we were considering dumping the dollar bill. And yet that’s precisely what Congress will be examining soon.
American consumers have shown about as much appetite for the $1 coin as kids do their spinach. They may not know what’s best for them either. Congressional auditors say doing away with dollar bills entirely and replacing them with dollar coins could save taxpayers some $4.4 billion over the next 30 years.
The latest projection from the Government Accountability Office on the potential savings from switching to dollar coins entirely comes as lawmakers begin exploring new ways for the government to save money by changing the money itself.
The Mint is preparing a report for Congress showing how changes in the metal content of coins could save money.
Read more at Hot Air. By Jazz Shaw.
Photo credit:MoneyBlogNewz (Creative Commons)
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Going to dollar coins is another step toward the European model. So I buy a $1 item and give a $5 bill,so then I would be getting 4 heavy dollar coins in return. Thank you but no thank you. Keep the dollar —get rid of the current Congress (specifically the democrat filled Senate) and the president,so we can get back to a real republic and democracy!
I bet $5 you can't find Europe on a map,Festus.
And of course,as far as getting rid of the $1 bill,we are far behind Canada. They did that years ago and replaced it with a $1 coin,following up with a $2 coin. The savings in not reprinting is substantial in the long run. Knowing our governmental procedures,they will no doubt find some way to make it 3X as expensive as it needs to be,but what would be new about that?
Is this really the best subject matter our elected officials can deal with on their daily agendas,besides all the photo opps and interviews they manage to fit in their so important schedules? Wow,are we in trouble. None of them would ever earn any merit pay for work above and beyond duty to citizens and country…As a matter of fact,they most probably should take a pay and budget cut and really experience what we're "really talkin"about.