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Let's Replace Dollar Bills With Coins

And while we're at, it's time to ditch pennies, too: Los Angeles Times

By Matt Cantor,  Newser Staff

Posted Oct 14, 2011 2:24 PM CDT

(Newser) – Here's a quick way to cut government spending: Stop making one-dollar bills. Switching to coins could save us some $5.5 billion over 30 years, write the editors of the Los Angeles Times. That's the lifespan of a coin, while a paper dollar lasts only 3 years. Want to save more money? Get rid of pennies. As of last year, they cost about 2 cents to make. In other words, "the government loses a cent for every one it makes."

We could save $70 million every year if we ditched them—and who wants them? "The one-cent coin, let's face it, is little more than a nostalgia item, a copper-clad anachronism whose absence few outside the zinc industry would notice." Finally, to top it all off, we could follow President Obama's 2010 suggestion and make nickels out of less costly materials; as it stands, they cost 9 cents to make. Click through for the full editorial.

Dollar coins could save money.
Dollar coins could save money.   (Shutterstock)
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COMMENTS
Showing 3 of 52 comments
fractal
Dec 16, 2011 3:39 PM CST
How did I miss this story!  I have been saying for years we should get rid of penneys and nickels also.  Then we would be dealing in increments of "10" for everything, and it would be SO MUCH EASIER. Also, a product price would have to be raised by at least 10 cents, making the producers think twice...
TheVEG
Oct 15, 2011 10:45 PM CDT
We've advanced enough to where we just need to aim for a cashless society...screw the coins and bills.
gomer99
Oct 15, 2011 12:21 PM CDT
For years I have left Sakkies as tips. Love watching the wait staff looks as it changes from "cheap bastard" to "hey.....that's neat".

 
US currency • pennies • penny • dollar coin

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