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TELL US: Should $1 Bills be Replaced with Coin?

Can we learn to love the $1 coin, if it will save billions?

Americans have resisted the dollar coin. We like our small denominations in paper.

But phasing out the dollar bill and replacing it with a coin will save an estimated $4.4 billion over the next 30 years, Congressional auditors say.

For savings like that, can we learn to carry them?

On the pro-side of the change, the coin has a longer shelf life. Coins can last decades, where the paper bills typically have to be retired after four or five years, according to a report in the Boston Globe.

On the negative side, the paper bill would have to be completely eliminated for the savings to accrue. And it would take several years and up-front expenses to produce the coin.

Advocates point to the recent experience in Canada, where the $1 coin has proven a huge hit. And now a $2 coin has been introduced.

Should the U.S. drop the dollar bills and make the switch? Tell us what you think in the comments section.

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Rachel Diamond Calow December 09, 2012 at 02:29 PM
Absolutely. Canada has done it successfully for years, replacing both the 1 and the 2 dollar bill with coins. The US needs to get serious by finally supporting the decision by retrofitting so many automatic machines that take coins so they can actually be used in every day life.
Dick December 09, 2012 at 03:03 PM
Not a good idea for me,my pants would fall down with all that weight needed in coins to pay for just everyday expenses.
Ronald Cahill December 09, 2012 at 04:54 PM
Canada -- Germany - UK -- all have had coins and have survived -- It saves a lot of money -- and many have a small leather holder for carrying them
Lauren Horton December 09, 2012 at 06:52 PM
We all know it makes sense, and we've tried this before with the Susan B Anthony coins. Unfortunately, it never took off and I still have a few. What will be different this time?
Dan D. December 10, 2012 at 12:48 AM
So, over 30 years, $4.4B would be "saved". Does this mean actual outlays to the tune of about $144Million per year (if I did the math right) would be eliminated by the federal government and returned to the taxpayers ( based on 300 million people in the US, a whopping $2+ per year per person on average?). I am a bit cynical by nature, but I doubt whether any money would actually be saved. Yes, Canada has the dollar coin, I go there a lot and it is a pain to carry. $10 as 10 coins is a lot more bulky and weighty than $10 in paper. Even if the savings would be realized, they are so small and insignificant I wonder why anyone in the government thinks it is a good use of time to even consider the effort. Although, I suppose it is easier than proposing shutting down some useless government organization (Dept of Energy for one).
Amber December 10, 2012 at 03:11 PM
Well, that would make visiting Providence MUCH more interesting.
Doug Shepherd December 10, 2012 at 04:15 PM
think of the bruises they would cause at your favorite adult entertainment bar....

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