Congress Looks At Doing Away With The $1 Bill
Congress is taking another look at doing away with the paper $1 bill and replacing it with a coin..
Congressional auditors say doing away with dollar bills entirely and replacing them with dollar coins could save taxpayers $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 the coins. In the past five years, the Mint has produced 2.4 billion Presidential $1 coins. Most are in storage, and production was suspended about a year ago.
Lawmakers are also exploring how the Mint could use different metals to reduce the cost of making coins.
(Copyright 2012 by The Associated Press. All Rights Reserved.)