Congress Considering Dropping the One-Dollar Bill
As you know Congress is now looking for ways to save money in order to avoid the “fiscal cliff”. One way they are considering is eliminating the one-dollar bill and replacing it with one-dollar coins. How much would it save?
Congressional auditors say doing away with dollar bills entirely and replacing them with dollar coins could save taxpayers some $4.4 billion over the next 30 years.
Needless to say there are pros and cons to the idea. According to the Washington Post vending machine operators favor it because of the time and money lost with dollar bills jamming their machines. Others oppose it because of the weight of the coins in pockets and the difficulty in distinguishing it from quarters. Supporters point out that the dollar coins in Canada love them.
Beverly Lepine, chief operating officer of the Royal Canadian Mint, said her country loves its “Loonie,” the nickname for the $1 coin that includes an image of a loon on the back. The switch went over so well that the country also went to a $2 coin called the “Toonie.”
I’ll have to ask Polliwog, a native Canadian, about that.