New proposal would kill the dollar bill
A bipartisan group of senators wants to replace the paper currency with a coin to save money.
The bipartisan group -- which includes such heavyweights as John McCain, R-Ariz., and Tom Harkin, D-Iowa -- has a pretty good reason to like the coin, as it would save the country a bunch of money. Last year, the Government Accountability Office said scrapping the bill for a coin would save $146 million a year.
Dollar coins cost more to make but last decades, while a paper dollar has an average lifespan of 21 months.
Other countries have figured this out and seem to have no problem with a coin of comparable denomination. But Americans' distaste led to suspended production of the Sacagawea dollar coin, which had been criticized for looking like play money and being too similar in size and heft to the quarter.
So how could a new dollar coin succeed where Sacagawea, Susan B. Anthony and the wildly unpopular presidential dollar coins could not? It's very simple: All you have to do is get rid of the paper dollar. The senators' bill, filed Thursday, would stop the printing of $1 bills within four years.
"The key, the absolute key to making this work, is phasing out the paper dollar," former Rep. Jim Kolbe, now a co-chairman of the Dollar Coin Alliance group lobbying for the coin, told Bloomberg.
The group has one thing in its favor: When people hear about how much money the government saves, they're more likely to support dollar coins.
But killing off the paper dollar -- the item so lovingly framed on the walls of mom-and-pop restaurants, the currency so easily used in allowance payments, tip jars and charity donations -- is going to be a very tough sell no matter what the financial benefits may be.
More on moneyNOW
- Good news: America's birth rate is rising
- Dunkin' Donuts' new stores aim to make you linger
- No-frills Spirit Airlines hawking canned wine
Stop the unlimited free travel for Congress and the President and your could save a billion a year.
They want to make the use of cash inconvenient so folks will use credit/debit cards. That will make it much easier for them to track each and every financial transaction every person makes.
The government’s move to a “cashless” society is another step towards big brother.
We already know they’re tracking phone calls and internet usage, so it seems that tracking financial transactions even more than they already do is their next step.
first dollar bills, then cash money, then the government to see how you spend all of your money
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] Equity indices closed out the month of August on a modestly higher note. The Russell 2000 (+0.6%) and Nasdaq Composite (+0.5%) finished ahead of the S&P 500 (+0.3%), which extended its August gain to 3.8%. Blue chips lagged with the Dow Jones Industrial Average (+0.1%) spending the bulk of the session in the red.
The final week of August represented one of the quietest stretches for the stock market so far this year. The first four sessions of the week produced the ... More
More Market News
These hot movers could rise by double digits in coming months.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'