Congress Could Do Away With the $1 Bill
Would be replaced by coin in money-saving move
By Kate Seamons, Newser Staff
Posted Nov 30, 2012 11:11 AM CST
This undated file photo provided by the US Mint shows the President John Adams presidential $1 coin.   (AP Photo/US Mint, File)

(Newser) – In a move that could change the face of strip clubs forever, Congress is considering doing away with the dollar bill. It wouldn't ax the denomination entirely, but would instead replace the bills with the $1 coin, a move that would save taxpayers (who almost universally dislike dollar coins) $4.4 billion over the next three decades. That estimate comes from the Government Accountability Office, which is looking at ways to save money by tweaking our money.

The AP notes that the last time a big metallurgical change occurred was almost 50 years ago, when silver was removed from quarters and dimes. At a House subcommittee hearing yesterday, lawmakers discussed the proposed $1 change, along with the idea of moving to less expensive combinations of metals like steel, aluminum, and zinc. Though it would take several years for the benefits of $1 coins to outweigh the cost of the change (which would require lots of new equipment), the fact that coins circulate for 30 years while paper bills are replaced in four or five would lead to long-term savings.

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Showing 3 of 86 comments
PrabhuPanjandrum
Dec 6, 2012 6:34 AM CST
What's wrong with Tyvek? --virtually indestructible- try opening a tyvek envelope or taking off a hospital wristband without a bladed implement.
$28919642
Dec 3, 2012 8:45 AM CST
Those currency gizmos in vending machines are a pain. And CC scanners can be used to rip your data. Dollar coins could revolutionize vending in this country.
jgmann
Dec 1, 2012 12:21 PM CST
People have a hard time dealing with "change."