Tags: enzi | dollar | bill | coin

Sen. Enzi: Dump the Dollar Bill for a Dollar Coin

Image: Sen. Enzi: Dump the Dollar Bill for a Dollar Coin

Thursday, 20 Jun 2013 12:49 PM

By Andrea Billups

  Comment  |
   Contact Us  |
|  A   A  
  Copy Shortlink
By eliminating the dollar bill and replacing it with a coin, taxpayers could save $4.5 billion, says Sen. Mike Enzi.

Writing in Politico, the Wyoming Republican said he's working with a bipartisan group of his colleagues from five states on a plan called the Currency Optimization Innovation and National Savings Act that would reduce the deficit "without raising taxes or cutting a single program" by shifting from the $1 paper currency to a $1 coin.

Enzi says his plan has been endorsed by the Government Accountability Office, which has recommended the move from a dollar bill to a dollar coin nine times.

"We believe the COINS Act is a common-sense proposal that starts down the right track toward addressing our country’s deficit," Enzi wrote. "The GAO calculated at least $4.5 billion in savings for taxpayers — but the Canadian experience indicates we can do better. When our northern neighbors made the switch, savings totaled 10 times the original estimate."

Enzi also cited the environmental benefit of coins over bills. "Dollar coins are 100 percent recyclable while dollar bills generate an enormous amount of waste. Billions of dollar notes are shredded and sent to landfills each year, while a single dollar coin would replace 17 dollar bills in its lifetime – and then be recycled to replace 17 more."

Former Arizona GOP Rep. Jim Kolbe, who now heads an association called the Dollar Coin Alliance, agrees that moving to a coin currency makes sense.

"If you look at what’s happened in the rest of the world, they’ve figured this out. A coin is just a common-sense change that we need to make," he told Bloomberg.com.

Kolbe's coin alliance has joined forces with other groups to lobby for the Enzi measure. Other supporters include the National Mining Association and the National Bulk Vendors Association, Bloomberg reports.

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact Us  |
  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
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Feds Censure Local Police as Pentagon Hands Out Lethal Weapons

Sunday, 21 Sep 2014 07:55 AM

A Pentagon program that distributes military surplus gear to local law enforcement allows even departments that the Just . . .

Huge Northern California Wildfire Keeps Growing

Sunday, 21 Sep 2014 07:15 AM

As an expanding wildfire in Northern California kept nearly 3,000 people from their homes, teams sought to find out how  . . .

Purdue Professor: Ebola 'Unlikely to Spread Here' in US

Friday, 19 Sep 2014 20:25 PM

The Ebola virus is unlikely to cause a deadly epidemic in the United States, according to David Sanders, an associate pr . . .

Most Commented

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

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