Congress looks at doing away with the $1 bill

Discussion in 'Politics' started by Wehrwolfen, Dec 1, 2012.

  1. Wehrwolfen
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    Wehrwolfen Senior Member

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    Congress looks at doing away with the $1 bill​




    1 Dec 2012

    (AP) Congress looks at doing away with the $1 bill
    By KEVIN FREKING
    Associated Press
    WASHINGTON


    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.

    Vending machine operators have long championed the use of $1 coins because they don't jam the machines, cutting down on repair costs and lost sales. But most people don't seem to like carrying them. In the past five years, the U.S. Mint has produced 2.4 billion Presidential $1 coins. Most are stored by the Federal Reserve, and production was suspended about a year ago.

    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.

    The last time the government made major metallurgical changes in U.S. coins was nearly 50 years ago when Congress directed the Mint to remove silver from dimes and quarters and to reduce its content in half dollar coins. Now, Congress is looking at new changes in response to rising prices for copper and nickel.

    At a House subcommittee hearing Thursday, the focus was on two approaches:

    _Moving to less expensive combinations of metals like steel, aluminum and zinc.

    _Gradually taking dollar bills out the economy and replacing them with coins.

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  2. Mr. H.
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    Mr. H. Diamond Member

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    Cool. While they're at it they can get rid of the penny like Canada recently did.
     
  3. Dont Taz Me Bro
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    Dont Taz Me Bro USMB Mod Staff Member Gold Supporting Member Supporting Member

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    It makes financial sense to move to a dollar coin instead.
     
  4. whitehall
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    whitehall Gold Member

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    Do they even consider that Americans would rather have paper currency in their billfold than a pocket of heavy coins? You can't even find a dollar coin in change these days although they are still legal currency. Why not establish a $3 bill? You could put Barney Franks' image on it.
     
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  5. AmyNation
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    AmyNation Road Warrior Supporting Member

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    If its cheaper, do it.
     
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  6. Dont Taz Me Bro
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    Dont Taz Me Bro USMB Mod Staff Member Gold Supporting Member Supporting Member

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    Do you consider the $16 trillion debt we have and growing? We need to cut expenses where ever we can. Ceasing the printing of the $1 bill would save a few billion a year because the coins last for decades. The bills are replaced about every three to five years.
     
  7. Mr. H.
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    Mr. H. Diamond Member

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    There's never any need to carry more than four $1 bills or coins at a time.
    Tink boutit.
     
  8. ABikerSailor
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    ABikerSailor Platinum Member

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    I wonder............................if we switch over to dollar coins instead of bills, does this mean that the strippers are going to be wearing buckets on either side of their g-strings?
     
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  9. Lakhota
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    Lakhota Diamond Member

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    Damn, that could make lap dances very uncomfortable...
     
  10. MDiver
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    MDiver Gold Member

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    I'd like to see the penny go the way of the dodo. It's the most annoying change one can receive.
     

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