NEW YORK CITY – Consider
the lowly dollar coin, unspent, often confused with the quarter, and
underappreciated. But the Dollar Coin Alliance and others are once again hoping
to change the fate of $1 coins, CNNMoney reports.
A new report by Aaron
Klein, former deputy assistant secretary of the U.S. Department of Treasury,
argues that changing out dollar bills — which cost a nickel to produce and a
4.8 year lifespan — with dollar coins — which sot 18 cents to make and last 30
years — could translate into $13.8 billion in savings over the next three
decades.
The Dollar Coin Alliance,
a coalition of dollar coin supporters, mass transit authorities and small
businesses, commissioned the report. The Government Accountability Office
supports such a switch, pointing out the savings and the fact that the United
States is one of a handful of Western countries that still has paper dollars.
“Over the last 48 years, Australia, Canada, France, Japan, the Netherlands, New
Zealand, Norway, Russia, Spain and the United Kingdom, among others, have
replaced lower-denomination notes with coins,” the GAO report said.
On June 6, U.S. Sen. Tom
Harkin (R-IA) introduced S. 1105, the Currency Optimization, Innovation, and
National Savings Act (COINS Act) once again. The legislation would “improve the
circulation of $1 coins, to remove barrier to the circulation of such coins,
and for other purposes.”
“The benefits of the dollar coin have long been recognized
by reputable sources such as the GAO as a smart investment for our country,”
said Harkin. “The experiences of countries around the world reveal that
transitioning to dollar coins will generate significant savings to taxpayers
without disrupting businesses or consumers.”
The U.S has tried before
to get Americans to spend dollar coins. In 1979, the Treasury introduced the
Susan B. Anthony dollar coin, which was minted until 1981, and again in 1999.
In 2000, the U.S. Mint debuted the Sacagawea Golden Dollar, but it never
ignited widespread use. In 2007, Presidential Dollar Coins were minted, but the
Treasury stopped making those for circulation in 2011.