U.S. Should Replace Dollar Bills With Coins, GAO Says

[88m3]

By Jeffrey Sparshott

The U.S. should replace dollar bills with dollar coins, a watchdog said, a move that could be unpopular with the public but ultimately save the government money.


Bloomberg News
“We continue to believe that the government would receive a financial benefit from making the replacement,” Lorelei St. James, a director at the nonpartisan Government Accountability Office, said in remarks prepared for a Congressional hearing scheduled for Thursday.

Mining and metals companies, mass transit agencies, vending machine manufacturers and other groups favor a switch to coins. They are pitted against the company that makes the paper for U.S. currency, Crane & Co., and broad public opinion in favor of keeping the greenback. Both sides have allies in Congress.

Ultimately, the benefits of a switch would only accrue over many years.

The GAO estimates that replacing $1 notes with $1 coins, which last decades longer than paper, could provide $4.4 billion in “net benefits” to the federal government over 30 years. That averages out to less than $147 million a year, a tiny drop in the fiscal bucket.

“We realize that replacing the $1 note with the $1 coin is controversial,” Ms. St. James said. “In fact, public opinion has consistently been opposed to the $1 coin.”

Last year, the U.S. Treasury curtailed production of dollar coins after finding that more than 40% had been returned to the government unwanted. At the time, government vaults held 1.4 billion such coins–enough to meet demand for a decade.

U.S. Should Replace Dollar Bills With Coins, GAO Says - Real Time Economics - WSJ

 

[Orbital-Fetus]

strippers would be mad.
lol @ trying to hold coins in a thong.

 

[Julius Skrrvin]

strippers would be mad.
lol @ trying to hold coins in a thong.

bludgeon them with coin rolls :bueno:

 

[88m3]

I'm all for it and get rid of pennies, nickels, dimes, quarters.


4.4 billion is a good enough reason.

 

[Pool_Shark]

So in other words.............he thinks it's time for change.

 

[-InFeRnO-]

So in other words.............he thinks it's time for change.

 

[ThatKidBlackHippy]

So in other words.............he thinks it's time for change.

 

[I_Got_Da_Burna]

The exotic dancing community would adjust...instead of cash, n1ggas would be making it rain with wal-mart gift cards and shyt like that

 

[Padron1926]

This is the best we can come up with

 

[chuckifubuck]

Instead of takin pictures with racks nikkas would have to jingle their purse to show they got it

 

[newworldafro]

And...........................................IT...........................................BEGINS

 

[PortCityProphet]

hell nah. paper money is easier to carry and to keep organized.

 

[88m3]

hell nah. paper money is easier to carry and to keep organized.

You really carry ones like that?

 

[PortCityProphet]

You really carry ones like that?

hell nah. im just being a voice for broke nikkas

 

[88m3]

hell nah. im just being a voice for broke nikkas

I just feel .... I don't even have a wallet anymore.