The Dollar Costs More Than A Dollar To Make – Dollar Coins Are Coming
There are three things that Americans will NEVER accept. One, the metric system . . . two, soccer . . . and three, dollar coins. The government has been trying forever to get us to use dollar coins and we LOATHE them.
–Well . . . if current trends continue, we may not get a choice.
With the cost of cotton skyrocketing due to the havoc on Egypt, and the dollar bill constisting of 75% cotton it looks like we are headed for coin dollars.
(Reuters) – Replacing $1 bills with coins of the same amount could save the federal government $5.5 billion over the next 30 years, officials said on Friday.
Analysis by the U.S. Government Accountability Office showed the savings would come from replacing bills with more durable coins.
The report was not the first time the GAO has recommended the money swap, but the agency said past efforts to buoy support for the $1 coin have been hindered in part because the $1 bills have remained in circulation.
Other countries such as the United Kingdom and Canada that use a coin advised the GAO to pull the bills from circulation to hasten public acceptance.
The GAO said a change to coins from dollar bills would present some upfront costs and assumed a four-year transition period.
Private companies also said altering current equipment to take and store the proposed $1 coin would be an expense, the GAO said.