Dollar Coin Alliance: Save Presidents, Kill Paper Dollars

Thursday, 15 Dec 2011 11:04 AM

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
The Obama administration's plan to suspend mass production of $1 coins as a money-saving move is being panned by the Dollar Coin Alliance. The group made up of labor, transit and good government groups is arguing for an end to the paper dollar bill, The Washington Post’s blog the Federal Eye reported.

The administration claims cutting back on the dollar coin would save $50 million a year. The Treasury Department notes that some $1.4 billion of the unused coins are sitting in Federal Reserve vaults for lack of demand, the Post reported.

However, Tom Schatz, president of Citizens Against Government Waste and a member of the Dollar Coin Alliance, tells the Post that if “the administration really wants to save taxpayers money, they’ll heed the advice of the nonpartisan Government Accountability Office, which has been advocating the elimination of the $1 note for 20 years.”

The GAO reports that switching from paper money, which has a life span of about 3-1/2 years, to coins, which last indefinitely, could save $184 million a year and some $5.5 billion over the next 30 years.

A Treasury Department spokesman said that it was up to Congress whether the dollar bill should be eliminated, the Post reported.

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Newt Gingrich: Sony Hack Is America's First Cyberwar Defeat

Wednesday, 17 Dec 2014 22:43 PM

Former House Speaker Newt Gingrich says Sony Pictures' decision to cancel the release of the movie "The Interview" in th . . .

Obama Commutes Sentences of 8 Nonviolent Drug Offenders

Wednesday, 17 Dec 2014 22:31 PM

President Barack Obama is cutting short the sentences of eight federal drug offenders, including four who were set to di . . .

MLK III: It's 'Insanity' to Say 'Kill the Cops'

Wednesday, 17 Dec 2014 22:03 PM

Martin Luther King III, son of the civil rights icon, told Fox News on Wednesday that he doesn't think most of the peopl . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved