Update on the Promotion of Dollar Coins

A new study by the Council for Citizens Against Government Waste has determined that dollar coins would save $13.8 billion by replacing paper currency, nearly triple the figure suggested by earlier studies, according to CNBC.  Paper currency is cheaper to produce, but far less long-lasting than coins.

CNBC also reports that Senator John McCain (R-AZ) has introduced bipartisan-supported legislation to phase out the one-dollar Federal Reserve note (the dollar bill).   Several foreign states have eliminated their single-denomination paper notes, thereby encouraging the use of coins and saving money.  Advocates of dollar coins have promoted the phase-out of the dollar bill to encourage the use of dollar coins and to achieve the projected savings.

See my earlier posts on this subject: Dollar Coins Are Not a Waste of Money, from September of 2011, http://williamcinfici.blogspot.com/2011/09/dollar-coins-are-not-waste-of-money.html; Follow-Up: Dollar Coins Are Not a Waste of Money, from October of 2011, http://williamcinfici.blogspot.com/2011/10/follow-up-dollar-coins-are-not-waste-of.html; Use Dollar Coins and $2 Bills, from the same month, http://williamcinfici.blogspot.com/2011/10/use-dollar-coins-and-2-bills.html; and The Obama Administration is Penny-Wise and Pound Foolish about Dollar Coins, from December of 2011, http://williamcinfici.blogspot.com/2011/12/obama-administration-is-pennywise-and.html. 

See also the website of the Dollar Coin Alliance: http://www.dollarcoinalliance.org/.