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

(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.

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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. (Read more US dollar stories.)

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