The Dollar Bill Versus The Dollar Coin
The Dollar Bill Versus The Dollar Coin
The Dollar Bill Versus The Dollar Coin
ABC News weighed in on the great debate to replace the dollar bill with the dollar coin. This video shows the viewing audience how many dollar coins are sitting on shelves collecting dust at the Federal Reserve. American's love their paper money!
Click to viewMost Americans Against Replacing Dollar Bill With Coin
Most Americans Against Replacing The Dollar Bill With The Dollar Coin,
The Poll Says: Given the choice, Americans still prefer crisp bills to shiny coins.
A lawmaker recently introduced legislation to abandon the paper dollar bill and replace it with a dollar coin, but it looks like most Americans are happy with their currency the way it is.
A recent poll from Lincoln Park Strategies, a public opinion research firm based in Washington, D.C., finds Americans much prefer keeping the paper dollar bill over transferring over to a metal coin alternative. The poll comes after news that Arizona House Republican David Schweikert introduced legislation to abandon the paper dollar bill altogether, replacing it with a coin.
In a rare act of bi-partisan consensus, around three quarters of Republicans, Democrats and Independents polled said they were opposed to the idea of switching to coins. And to many, it's not just fun and games. The majority of those polled felt strongly enough about the issue they said it would influence how they voted.
The legislation that Schweikert calls the Currency Optimization, Innovation and National Savings, or COINS Act, is largely based on a March 2011 report from the Government Accountability Office that found the switch to a dollar coin would save around $5.5 billion over the course of 30 years, The Hill reports, roughly the lifespan of a single coin. Comparatively, a paper bill lasts only two or three years.
With the federal deficit totaling around $1.1 trillion through July, switching to a dollar-coin might provide a way for those desperate in Congress to cut costs.
But if history is any indication, the dollar coin still has some hurdles to cross. The Susan B. Anthony, Sacagawea and presidential dollar-coins, have been criticized as a "a total flop". Others are hesitant to support the switch with a billion dollar- coins already sitting unused in Federal Reserve banks around the country due to their lack of popularity.
For the average American, though, the resistance to dollar coins may be for simpler reasons. Of those surveyed, 77 percent said the paper dollar is more convenient, and 86 percent said it's more widely accepted, while three quarters of those polled said they don't want a dollar coin or find it unnecessary.
Still, the legislation does have some supporters, including a recently-formed group known as the Dollar Coin Alliance the Los Angeles Times reports.
According to The Hill, the group along with other supporters of the COINS act contend that people will grow accustomed to the coin once there is no paper alternative.
Sources
Huffingtonpost
LA Times
Please visit the above sources for more on this topic.
The Poll Results
According to our latest national poll, the vast majority of Americans are strongly opposed to the idea of replacing the dollar bill with a dollar coin. In an era of hyper-partisanship this is a rare idea that brings all sides of the political spectrum together with a full 76 percent of voters opposing doing away with the dollar bill. Indeed, 77 percent of both Democrats and Republicans oppose the idea along with 73 percent of Independent voters.
Not only does opposition to this idea bring members of both parties together, but it also unites all areas of the country. From 82 percent of voters in the South to 71 percent of voters in the Northeast to 74 percent of voters in the West, Americans are clear in the fact that they want to keep dollar bills in their pockets as opposed to carrying around extra change.
Furthermore, our poll shows that not only do Americans view the dollar bill as more convenient (77 percent), more widely accepted (86 percent), and more secure (54 percent), they view the dollar coin as unwanted (77 percent) and unnecessary (75 percent). Adding to the overall negative view of getting rid of the dollar bill, voters feel that phasing out the dollar bill will have a negative (45 percent) or neutral impact (36 percent) on our economy while just 10 percent feel it would have a positive effect. Additionally, 32 percent of voters correctly feel a move to a dollar coin would add to the deficit while only 10 percent feel it would help reduce the deficit.
Read More About The Poll In This PDF File Provided By Americans For George Here
Republican David Schweikert's Legislation
In the above article Huffington Post mentions Arizona House Republican David Schweikert's efforts to rid America of it's paper dollar bill altogether, replacing it with a coin. You can read more about his legislation
Schweikert: Let’s get rid of one-dollar bills by phasing them out and save the United States a projected $184 million annually. Read more at the Arizona Capitol Times
The Dollar Coin Alliance
The Dollar Coin Alliance is a coalition of American small businesses, mass transit agencies, budget watchdogs, trade associations and private companies. You can visit their site at Dollar Coin Alliance
The private sector and small business save billions with $1 coins. They're six times cheaper to process than notes.
Americans favor a switch to dollar coins by a 2:1 margin when informed of the cost savings.
Taxpayers save $11 billion dollars according to federal reserve's current life span estimates of the $1 note.
Not only are dollar coins easy to use, they weigh less than four quarters!
Millions of pounds of shredded $1 waste sent to landfills every year.
In Related News
A Little Light Reading
GAO says replacing $1 note with a $1 coin saves taxpayers $5.5 billion over thirty years!
Read The Presidential $1 Coin Act Of 2005 (PDF) Here
Washington Blog The Hill
GAO: Coins instead of cash could save government billions
GOP wants to cash out dollar bill
United States Accountability Office report to congress: U.S. COINS Replacing the $1 Note with a $1 Coin Would Provide a Financial Benefit to the Government
Native American $1 Coins The Program Beginning in 2009, the United States Mint began minting and issuing $1 coins featuring designs celebrating the important contributions made by Indian tribes and individual Native Americans to the history and development of the United States. This program was created by the Native American $1 Coin Act (Public Law 110-82). Read More Here
What's Your Preference?
The Dollar Bill Or The $1 Coin?
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