Report: Switching to $1 Coins Could Save Gov. $5.5 Billion

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According to the U.S. Government Accountability Office, replacing the $1 bill could save the government approximately $5.5 billion over 30 years. This would amount to an average yearly discounted net benefit of about $184 million over several years.

Since coins are more durable than notes and do not need replacement as often, many nations have replaced lower-denomination notes with coins to obtain a financial benefit.

http://www.chicagotribune.com/news/nationworld/wghp-story-dollar-coins-110304,0,2669966.story

[Amby 490]

I'm ok with $1 coins

[I AM NOT THAT GUY 5,715]

They keep trying, but the merchants always complain. How many unsuccessful attempts have been made to eliminate the dollar bill?

Not that anybody that matters is listening to me, they could eliminate first the penny, then the nickel, and let merchants calculate to the nearest tenth, instead of penny. After a few years, they could eliminate the quarter, and start coining halves and dollars again. Perhaps then, we would be ready for a five dollar coin.

Think about it: The hundred is already the new twenty. By the time Obama leaves office, they may have to bring back the five hundred.

Edited March 7, 2011 by Some Old Guy

[Karee 4,191]

Canada did it. Didn't seem to cause any problems there.

[Usui Takumi 1,562]

The gold coins a decade ago were flawed. They tarnished in a matter of days. Haven't received any George Washington's.

[Obama 2012 1,714]

paper is about the only thing our Government does right.... Figuring they are hardcore pushers of it, this should not be surprising.

The armored car employees union will have something to say about this though! The weight on the backs of their employees will require better health benefits!

[JohnSmith2007 353]

I rarely use cash anyway. So it really does not matter to me. I can't tell you the last time I had more than a few dollars in my wallet. Debit cards are the way to go.

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NJ Transit vending machines always dispense change in dollar coins. They're a pain in the a s s to carry around although I do see the argument about them being more durable than paper notes.

[Mr. Big Dog 10,747]

How about eliminating pennies? Them suckers are worth less than the what goes into making the coins.

[mawilson 2,133]

No on the dollar coin - too heavy.

[I AM NOT THAT GUY 5,715]

No on the dollar coin - too heavy.

Make them out of a magnesium/aluminum alloy. They don't need to be that heavy

[Gary and Alla 3,694]

I don;t have a problem with the idea. Canada did anyway with them and have the $1 and $2 coins. Loonies and Twonies. In Canada when you have a pocket full of change, you have something! I rarely use cash anymore for anything anyway. About the only time I see it is when Alla gives me some cash to go buy milk and eggs from the farm. Damn hippies don't take debit cards.

[mawilson 2,133]

Make them out of a magnesium/aluminum alloy. They don't need to be that heavy

I don't like coins, period.

[^_^ 5,021]

I don't like coins, period.

The government should give us all free robots to carry our stash of coins around for us.

In fact, it should be a mandate. A mandate imposed on the government by the people!

[Gary and Alla 3,694]

If we eliminate the $1 paper bill, wil they put Barbara Bush's portrait on the $1 coin?

The government should give us all free robots to carry our stash of coins around for us.

In fact, it should be a mandate. A mandate imposed on the government by the people!

They should look like women from the FSU. And do everything we say.