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Kill bill? US says dollar coins would save $4.4B

Dollar or Coin?   6 votes

  1. 1. Do you prefer the dollar bill or the dollar coin?

    • I prefer the dollar bill
    • I prefer the dollar coin
    • It doesn't matter
    • I would have loved to win the Powerball lol!!!!
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5 posts in this topic

Posted · Report post

Congress has gone back and forth so many times about the fate of the $1 coin, it might as well just flip one to decide.

At a hearing of a House Financial Services subcommittee Thursday, lawmakers again pondered the question of phasing out the greenback and replacing it with a dollar coin — even though $1.4 billion one-dollar coins are now piled up in Federal Reserve vaults because no one likes using them.

In its testimony, the Government Accountability Office estimated that the federal government would save about $4.4 billion over 30 years by switching to dollar coins. It reiterated an earlier recommendation that the United States phase out the dollar bill over a four-year transition period.

The underwater economics of minting pennies is well-known: It costs about two and a half cents to mint a cent, primarily due to the cost of the copper and zinc that go into each coin. But dollar coins don’t cost more to produce than they’re worth, and they last about 30 years, versus less than five years for a dollar bill.

http://www.nbcnews.com/business/kill-bill-us-says-dollar-coins-would-save-4-4b-1C7350149

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Posted · Report post

I prefer the dollar coin mostly because the dollar bill of any denomination a lot of times stick together.

This situation has happened to me twice yesterday and convinces me more for the coin over the dollar.

If it saves mony by billions of dollars wouldn't it be more smart to have the coin then?

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Posted · Report post

I'd be fine with either. I've also heard that doing away with the penny and the nickel would also save a bunch of money, since they cost more to make than they're worth so we lose money every time we make them. If these things save money, I'd be fine with any of those.

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Posted · Report post

It doesn't really matter. We'll soon be a cashless society.

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Posted · Report post

I like it. Canada has $1 and $2 coins. Pretty convenient, but you need a larger change pocket.

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