Senators: Get Rid of Dollar Bills
Senators: Get Rid of Dollar Bills
The Debate Continues
On Decemeber 13 of 2011 we posted a thread entitled The Buck Stops Here. In that blog post we linked to the White House blog and many other news outlets discussing the controversy regarding the dollar bill and dollar coin.
In October of the same year we discussed the polls that indicated that Given the choice, Americans still prefer crisp bills to shiny coins. You can watch the videos and read the various articles in that post here
Well it seems Sens. Tom Harkin (D., Iowa), John McCain (R., Ariz.) and two colleagues are once again introducing legislation that would kill off the dollar bill in favor of dollar coins, touting the move as a way to cut costs over the long run. I've included a portion of this article here on FUN Forums, but suggest you read the entire article offered to you on The Washington Post as well.
Please let us know what you think about this issue in the comment section below.
Senators: Get Rid of Dollar Bills
Senators: Get Rid of Dollar Bills
Some U.S. lawmakers want the coin to be the dollar of the realm.
Sens. Tom Harkin (D., Iowa), John McCain (R., Ariz.) and two colleagues Tuesday are introducing legislation that would kill off the dollar bill in favor of dollar coins, touting the move as a way to cut costs over the long run.
“Promoting the dollar coin is a smart investment for our country that saves taxpayer’s money,” Harkin said.
The move is latest in a long-running battle between those who think it is wasteful to print dollar bills, which wear out and have to be replaced frequently, and those who say the $1 coin is the real waste of money because Americans don’t like them.
The senators’ Currency Optimization, Innovation and National Savings, or COINS, Act is a companion piece to a House bill that has sat idle since last fall. The bill would work to promote the presidential $1 coin and phase out the dollar bill within four years.
The trouble so far: most Americans don’t want dollar coins churned out by the U.S. Mint. More than 40% of the coins that are produced are returned to the government unwanted, the Treasury said late last year. And U.S. government vaults already hold 1.4 billion of them - enough to meet current levels of demand for a decade.
The Obama administration in December bowed to the lack of public enthusiasm. The Treasury Department announced the U.S. would curtail production, making just enough for collectors. The move, the Treasury said, will save taxpayers $50 million a year.
Harkin and McCain said that replacing dollar bills with coins would save more.
The Government Accountability Office in March 2011 found that replacing the $1 note with a $1 coin could save the government approximately $5.5 billion over 30 years.
“By moving from the costly dollar bill to the dollar coin, we can save real money and show the American taxpayer that we are serious about cutting spending in Washington,” McCain said.
Congress in 2005 mandated that the Mint make $1 coins with the likenesses of the presidents, four each year between 2007 to 2016. The run started with George Washington and makes its way through Grover Cleveland’s second term in 2012 (Cleveland gets two different coins because he served non-consecutive terms).
The Senate bill introduced Tuesday mandates that the Federal Reserve perform “outreach and education” to help get American businesses and consumers used to the gold-colored coins. It also sets a four-year deadline to stop producing paper dollars.
Continue Reading @ The Source Washington Post Blog
Jimmy on Eliminating the Dollar Bill
Click to viewDollar Coin: $1 Coin Vs. $1 Bill
Dollar Coin: $1 Coin Vs. $1 Bill
Useless dollar coins!
Federal government mints coins that nobody uses for $600,000 a day!
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