Speakeasy forum: What do you think? Time for another kick at the can?

by: JP Bill November 30, 2012 12:06 PM PST

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What do you think? Time for another kick at the can?

by JP Bill - 11/30/12 12:06 PM

Congress looks at doing away with the $1 bill

WASHINGTON (AP) - American consumers have shown about as much appetite for the $1 coin as kids do their spinach. They may not know what's best for them either. Congressional auditors say doing away with dollar bills entirely and replacing them with dollar coins could save taxpayers some $4.4 billion over the next 30 years.

Vending machine operators have long championed the use of $1 coins because they don't jam the machines, cutting down on repair costs and lost sales. But most people don't seem to like carrying them. In the past five years, the U.S. Mint has produced 2.4 billion Presidential $1 coins. Most are stored by the Federal Reserve, and production was suspended about a year ago.

The latest projection from the Government Accountability Office on the potential savings from switching to dollar coins entirely comes as lawmakers begin exploring new ways for the government to save money by changing the money itself.

The Mint is preparing a report for Congress showing how changes in the metal content of coins could save money.


We have the $1 and $2 coin up here (have for years) and heading towards getting rid of the penny completely.

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