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Monday, October 10, 2011
Dollar coins piling up
Another classic example of government waste. A 2005 law forces the U.S. Mint to continue to produce new dollar coins even though the public refuses to use them. So the government just stores them.
Rep. David Schweikert (R-Ariz.) has introduced the Currency Optimization, Innovation and National Savings (COINS) Act of 2011 (H.R. 2977). By phasing out the $1 bill and transitioning to the $1 coin, this legislation will deliver significant savings to both the government and the private sector.
A March 4, 2011 Government Accountability Office (GAO) report concluded that replacing the $1 bill with the $1 coin would save taxpayers an average of $184 million annually and a total of $5.5 billion over the next 30 years.
Most of the cost savings associated with coins comes from their comparative durability. Each $1 bill costs 4.2 cents to manufacture and lasts 40 months. By comparison, the $1 coin costs between 12 and 20 cents to produce but has a lifespan of 30 years or more.
In addition, the $1 coin saves money for the private sector because it is cheaper to handle and process coins than bills. Mass transit agencies have found that processing $1 coins costs 83 percent less than processing $1 bills. Vending machine operators have determined that $1 coins save their industry $1 billion a year. Coins cost 30 cents per thousand pieces to process at Federal Reserve Banks, compared to 75 cents per thousand for $1 bills.
In its report, GAO observes: "Over the last 47 years, Australia, Canada, France, Japan, the Netherlands, New Zealand, Norway, Russia, Spain, and the UK, among others, have replaced lower-denomination notes with coins…Canadian officials later determined that the Canadian government saved $450 million (Canadian) between 1987 and 1991."
With our nation burdened by a $14.6 trillion national debt and private-sector businesses still struggling in the sluggish economy, replacing the $1 bill with the $1 coin is one commonsense proposal that Congress can and should enact immediately.
Tell Your U.S. Representative to become a co-sponsor of the COINS Act today.
Rep. David Schweikert (R-Ariz.) has introduced the Currency Optimization, Innovation and National Savings (COINS) Act of 2011 (H.R. 2977). By phasing out the $1 bill and transitioning to the $1 coin, this legislation will deliver significant savings to both the government and the private sector.
A March 4, 2011 Government Accountability Office (GAO) report concluded that replacing the $1 bill with the $1 coin would save taxpayers an average of $184 million annually and a total of $5.5 billion over the next 30 years.
Most of the cost savings associated with coins comes from their comparative durability. Each $1 bill costs 4.2 cents to manufacture and lasts 40 months. By comparison, the $1 coin costs between 12 and 20 cents to produce but has a lifespan of 30 years or more.
In addition, the $1 coin saves money for the private sector because it is cheaper to handle and process coins than bills. Mass transit agencies have found that processing $1 coins costs 83 percent less than processing $1 bills. Vending machine operators have determined that $1 coins save their industry $1 billion a year. Coins cost 30 cents per thousand pieces to process at Federal Reserve Banks, compared to 75 cents per thousand for $1 bills.
In its report, GAO observes: "Over the last 47 years, Australia, Canada, France, Japan, the Netherlands, New Zealand, Norway, Russia, Spain, and the UK, among others, have replaced lower-denomination notes with coins…Canadian officials later determined that the Canadian government saved $450 million (Canadian) between 1987 and 1991."
With our nation burdened by a $14.6 trillion national debt and private-sector businesses still struggling in the sluggish economy, replacing the $1 bill with the $1 coin is one commonsense proposal that Congress can and should enact immediately.
Tell Your U.S. Representative to become a co-sponsor of the COINS Act today.
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Rep. David Schweikert (R-Ariz.) has introduced the Currency Optimization, Innovation and National Savings (COINS) Act of 2011 (H.R. 2977). By phasing out the $1 bill and transitioning to the $1 coin, this legislation will deliver significant savings to both the government and the private sector.
A March 4, 2011 Government Accountability Office (GAO) report concluded that replacing the $1 bill with the $1 coin would save taxpayers an average of $184 million annually and a total of $5.5 billion over the next 30 years.
Most of the cost savings associated with coins comes from their comparative durability. Each $1 bill costs 4.2 cents to manufacture and lasts 40 months. By comparison, the $1 coin costs between 12 and 20 cents to produce but has a lifespan of 30 years or more.
In addition, the $1 coin saves money for the private sector because it is cheaper to handle and process coins than bills. Mass transit agencies have found that processing $1 coins costs 83 percent less than processing $1 bills. Vending machine operators have determined that $1 coins save their industry $1 billion a year. Coins cost 30 cents per thousand pieces to process at Federal Reserve Banks, compared to 75 cents per thousand for $1 bills.
In its report, GAO observes: "Over the last 47 years, Australia, Canada, France, Japan, the Netherlands, New Zealand, Norway, Russia, Spain, and the UK, among others, have replaced lower-denomination notes with coins…Canadian officials later determined that the Canadian government saved $450 million (Canadian) between 1987 and 1991."
With our nation burdened by a $14.6 trillion national debt and private-sector businesses still struggling in the sluggish economy, replacing the $1 bill with the $1 coin is one commonsense proposal that Congress can and should enact immediately.
Tell Your U.S. Representative to become a co-sponsor of the COINS Act today.
Rep. David Schweikert (R-Ariz.) has introduced the Currency Optimization, Innovation and National Savings (COINS) Act of 2011 (H.R. 2977). By phasing out the $1 bill and transitioning to the $1 coin, this legislation will deliver significant savings to both the government and the private sector.
A March 4, 2011 Government Accountability Office (GAO) report concluded that replacing the $1 bill with the $1 coin would save taxpayers an average of $184 million annually and a total of $5.5 billion over the next 30 years.
Most of the cost savings associated with coins comes from their comparative durability. Each $1 bill costs 4.2 cents to manufacture and lasts 40 months. By comparison, the $1 coin costs between 12 and 20 cents to produce but has a lifespan of 30 years or more.
In addition, the $1 coin saves money for the private sector because it is cheaper to handle and process coins than bills. Mass transit agencies have found that processing $1 coins costs 83 percent less than processing $1 bills. Vending machine operators have determined that $1 coins save their industry $1 billion a year. Coins cost 30 cents per thousand pieces to process at Federal Reserve Banks, compared to 75 cents per thousand for $1 bills.
In its report, GAO observes: "Over the last 47 years, Australia, Canada, France, Japan, the Netherlands, New Zealand, Norway, Russia, Spain, and the UK, among others, have replaced lower-denomination notes with coins…Canadian officials later determined that the Canadian government saved $450 million (Canadian) between 1987 and 1991."
With our nation burdened by a $14.6 trillion national debt and private-sector businesses still struggling in the sluggish economy, replacing the $1 bill with the $1 coin is one commonsense proposal that Congress can and should enact immediately.
Tell Your U.S. Representative to become a co-sponsor of the COINS Act today.
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