(Image source: U.S. Mint)

BY STEVEN SPARKMAN
ANCHOR ZACH TOOMBS


Is it time to kill the dollar bill? The U.S. Government Accountability Office plans to put the idea to Congress Thursday saying it’ll save money in the long run.

“The U.S. could save almost $150 million a year by switching to dollar coins. That’s because bills only last about 18 months and coins last for years.” (Video via ABC News)

The report estimates the U.S. could save more than four billion dollars over the next 30 years by making the switch. But as HLN reports, this isn’t the first time they’ve tried to get Americans to change from bills to coins.

“We had the Eisenhower dollar in the ‘70s, Susan B. Anthony around 1980, Sacagawea at the turn of the century, and then most recently the presidential dollar coins. All basically bombed.”

Dollar coins are still in circulation, but hardly anyone uses them. In fact, more than a billion dollars worth of the coins have been collected and held by the Federal Reserve because there was no demand for them. (Via NPR)

That’s because, when given the choice between bills and coins, Americans seem to prefer bills.

The U.S. Mint has tried ad campaigns to convert the public, like this one with Lady Liberty using the coins to buy a hotdog, but the new report says those efforts haven’t worked. (Video via apicadeli / YouTube)

Why so much resistance? Well, the report suggests people just don’t like carrying around  a pocket full of coins. But a writer for Christian Science Monitor suggests another reason people cling to their bills.

“It seems to me that the desire to keep the smallest coins and notes reflects an unwillingness to acknowledge the effects of inflation. … a 5 dollar bill is worth less than what the 1 dollar bill was worth in 1973 ... But acknowledging that the dollar has been debased so much is perhaps something that many Americans don't want to do.”

But maybe it’s possible to appeal to the public’s reason.

The report says in surveys, people were half as likely to oppose the switch to coins if it was explained as a money-saving move by the government.

Government Watchdog Says Ditch the Dollar Bill

by Steven Sparkman
0
Transcript
Nov 28, 2012

Government Watchdog Says Ditch the Dollar Bill

 

(Image source: U.S. Mint)

BY STEVEN SPARKMAN
ANCHOR ZACH TOOMBS


Is it time to kill the dollar bill? The U.S. Government Accountability Office plans to put the idea to Congress Thursday saying it’ll save money in the long run.

“The U.S. could save almost $150 million a year by switching to dollar coins. That’s because bills only last about 18 months and coins last for years.” (Video via ABC News)

The report estimates the U.S. could save more than four billion dollars over the next 30 years by making the switch. But as HLN reports, this isn’t the first time they’ve tried to get Americans to change from bills to coins.

“We had the Eisenhower dollar in the ‘70s, Susan B. Anthony around 1980, Sacagawea at the turn of the century, and then most recently the presidential dollar coins. All basically bombed.”

Dollar coins are still in circulation, but hardly anyone uses them. In fact, more than a billion dollars worth of the coins have been collected and held by the Federal Reserve because there was no demand for them. (Via NPR)

That’s because, when given the choice between bills and coins, Americans seem to prefer bills.

The U.S. Mint has tried ad campaigns to convert the public, like this one with Lady Liberty using the coins to buy a hotdog, but the new report says those efforts haven’t worked. (Video via apicadeli / YouTube)

Why so much resistance? Well, the report suggests people just don’t like carrying around  a pocket full of coins. But a writer for Christian Science Monitor suggests another reason people cling to their bills.

“It seems to me that the desire to keep the smallest coins and notes reflects an unwillingness to acknowledge the effects of inflation. … a 5 dollar bill is worth less than what the 1 dollar bill was worth in 1973 ... But acknowledging that the dollar has been debased so much is perhaps something that many Americans don't want to do.”

But maybe it’s possible to appeal to the public’s reason.

The report says in surveys, people were half as likely to oppose the switch to coins if it was explained as a money-saving move by the government.

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