One Dollar Bill Might Be Gone Forever
The one dollar bill may be gone forever.
Are you a fan of the one dollar coins known for their depiction of Sacagawea or Susan B. Anthony?
According to the Government Accountability Office, or GAO, changing our currency from using one dollar bills to one dollar coins would save the government money.
But it would take time to see the financial turn over, because it costs more to produce coins.
As of last year, the United States Treasury has phased out the production of dollar coins because over 40 percent of those made were returned to the government, worth a reported 1.4 billion dollars.
But the GAO says that coins are capable of being in circulation for many years longer than paper bills, and estimated the projected profit to the federal government at 4.4 billion dollars over 30 years.
Since many people collect their change rather than spend it, the government would also be benefiting from something called seigniorage, which refers to the profit that a government makes for having currency in public circulation.
American bills are reportedly quite resilient compared to countries that have switched from dollar bills to dollar coins in the past.
What do you think of replacing the one dollar bill with a dollar coin?
Are you a fan of the one dollar coins known for their depiction of Sacagawea or Susan B. Anthony?
According to the Government Accountability Office, or GAO, changing our currency from using one dollar bills to one dollar coins would save the government money.
But it would take time to see the financial turn over, because it costs more to produce coins.
As of last year, the United States Treasury has phased out the production of dollar coins because over 40 percent of those made were returned to the government, worth a reported 1.4 billion dollars.
But the GAO says that coins are capable of being in circulation for many years longer than paper bills, and estimated the projected profit to the federal government at 4.4 billion dollars over 30 years.
Since many people collect their change rather than spend it, the government would also be benefiting from something called seigniorage, which refers to the profit that a government makes for having currency in public circulation.
American bills are reportedly quite resilient compared to countries that have switched from dollar bills to dollar coins in the past.
What do you think of replacing the one dollar bill with a dollar coin?