Dollar Coin Alliance: Save Presidents, Kill Paper Dollars

Thursday, 15 Dec 2011 11:04 AM

Share:
  Comment  |
   Contact Us  |
  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.

Share:
  Comment  |
   Contact Us  |
  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:
Retype 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
You May Also Like

Mideast Expert: ISIS Beheading Journalist Shows We've Hurt Them

Wednesday, 20 Aug 2014 14:12 PM

Dr. Robert Rabil, a Middle East studies professor at Florida Atlantic University, and Stephen J. Yates, a former deputy  . . .

Hate Crimes Decrease in DC, But Race-Based Incidents Rise

Wednesday, 20 Aug 2014 13:34 PM

The total number of hate crimes in the District of Columbia declined in 2013 while those based solely on race rose by ne . . .

Report: Obamacare Coverage Worries Highest Among Republicans

Wednesday, 20 Aug 2014 13:20 PM

While most workers are concerned that their employers will shift them to worse health plans under Obamacare, the concern . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

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