Should Dollar Coins Replace Dollar Bills?
Four members of the U.S. Senate are pushing legislation to replace the American dollar bill with dollar coins.
The COINS (Currency Optimization, Innovation and National Savings) Act is said to be a money-saving measure, according to its sponsors, Senators Tom Harkin (D-Iowa), John McCain (R-Arizona), Michael Enzi (R-Wyoming) and Tom Coburn (R-Oklahoma). They claim the switch from paper to metal-based currency would save the government $13.8 billion over the next 30 years.
It just so happens that these four senators represent “states with mining and metal-processing interests,” Steve H. Hanke, a Johns Hopkins University professor, wrote in a Wall Street Journal op-ed arguing against the plan.
But Americans may not like the idea. Two years ago, when similar legislation was introduced, a poll from Lincoln Park Strategies found that 76% of respondents “strongly opposed” the idea of the dollar coin.
Meanwhile, the Federal Reserve reportedly is sitting on more than a billion dollars worth of $1 coins because people don’t want to use them, Hanke says.
When Daniel Harris, owner of Archibald's Gentleman's Club in downtown Washington, D.C., heard of the proposal, he said it would make it more difficult for his dancers to collect tips.
“I think it would be very awkward for everyone involved. How much more would a coin weigh than a dollar bill? It would be very hard,” Harris told The Hill, adding that “you can’t put a coin in a garter belt.”
When The Hill asked McCain about Harris’ concern, the Republican senator replied: “Then I hope that they [the strippers] could obtain larger denominations.”
To Learn More:
Against the Dollar Coin (by Alexander Abad-Santos, Atlantic Wire)
Taxpayers to Fork out $3.79 Million in Good Money to Pay for Fed’s $3 Billion of Bad Cash (by Noel Brinkerhoff, AllGov)
If Pennies Cost More than 2 Cents to Make, Why Do We Still Use Them? (by Noel Brinkerhoff, AllGov)
Producing Pennies and Nickels Costs More Than Their Worth (by Noel Brinkerhoff, AllGov)
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