Congress To Look At Eliminating The One Dollar Bill

Dollar Bill SC Congress to look at eliminating the one dollar bill

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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Comments

  1. VirgoVince says:

    How about WE 'eliminate' the idiot assholes that are considering such an asinine, ridiculous idea??

  2. The question is, will these dollar bills be replaced by US treasury coins or more Federal reserve counterfeit stuff? Legally, all of our money is supposed to be in gold and silver coins, so I don't see any real problem with switching to coins. Although, carrying a bunch of coins everywhere would be a bit awkward. Pouches full of coins don't fit into pockets real well and having them chink around freely in the pocket would be far too distracting, as well. Still, my question lies in what standard these dollar coins come in. Legal US treasury would be preferable, asking me.

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