Could we be nearing the end of the $1 bill?
It may seem like a strange idea, and it’s one the public has rejected in practice before. But according to a Yahoo! News report, the U.S. Mint is advocating for coins to replace the bills, claiming it could save taxpayers billions of dollars in the coming decades.
Congressional auditors claim making the currency switch could save the U.S. around $4.4 billion, noting that coins comprised of metals like steel, aluminum and zinc can stay in circulation for around 30 years while dollar bills must be replaced every four or five years.
Other western governments, such as Canada, have opted out of paper currency for $1 denominations in recent years, and the results have been largely positive. But previous attempts to switch to $1 coins in the U.S. have largely been met with apathy by the public. The U.S Mint has produced 2.4 billion such coins in the past five years, but suspended production around a year ago thanks to a lack of adoption.
Experts disagree on what those results mean. Phillip Diehl, the Mint’s former director, said the $1 bill needs to be taken out of circulation for their coin counterparts to see adoption.
“We’ve never bitten the bullet to remove the $1 bill as every other Western economy has done,” Diehl said. “If you did, it would have the same success the Canadians have had.”
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Others, such as Rep. Carolyn Maloney (D – N.Y.), argue that the resistance to previous attempts demonstrates it’s a measure that will ultimately fail again.
“If the people don’t want it and they don’t want to use it, why in the world are we even talking about changing it,” Maloney asked.
Are you receptive to doing away with the $1 bill? Do you think consumers would be quick to adjust of $1 bills stop circulating? Let us know what you think in the comments below.
