WASHINGTON D.C. -- In an effort to balance the budget and save some green, there has been talk in Congress lately about possibly getting rid of the $1 bill in a gradual process that would see a switch to a $1 coin.
At a House subcommittee hearing last week, the focus was on two approaches:
The first, moving to less expensive combinations of metals like steel, aluminum and zinc and also gradually taking dollar bills out the economy and replacing them with coins.
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.
Officials say it would take several years for the benefits of switching from paper bills to dollar coins. Equipment would have to be bought or overhauled and more coins would have to be produced upfront to replace bills as they are taken out of circulation.
But over the years, the savings would begin to pile up, largely because a $1 coin could stay in circulation for 30 years while paper bills have to be replaced every four or five years on average.
Would you be in favor of Congress removing the $1 bill from circulation? Do you think a $1 coin would work in America?
Chime in now!
