Sunday, March 06, 2011

Demise of the $1 Bill: U.S. Could Save $5.5 Billion Says New GAO Report

The Government Accountability Office (GAO) released a report on Friday claiming that the U.S. government could save up to $5.5 billion dollars by replacing the $1 bill with $1 coins.

The GAO has previously recommended to the Congress replacement of the $1 note with a $1 coin and, in view of the ongoing significant estimated federal financial benefit, they continue to support this prior recommendation.

View a copy of the report at: GAO

3 comments:

Hal (GT) said...

I personally find it unlikely that this will ever happen. One, American's are pretty much set in their minds on paper.

Two, if they really wanted to save money they'd come up with a means to get rid of the currency all together and go to an electronic format of payment for their fiat currency.

A.C. Dwyer said...

@ Hal

I agree that Americans are pretty much set on paper dollars, but that same sentiment didn't stop other countries from forcing coins on their countrymen.

Canada and Great Britain both faced a resistant public when they did it, but after a year or two of no alternative, they finally accepted it. I think Congress could force this on us as well.

Hal said...

That's true. If you remove the one and live with all the complaining eventually it will set in and everything will be okay. Though, I said it in an off the cuff thought, I have to say the more I think about the electronic payment format like Mobile Gas uses with their speed pass the more I like it. I think if people were really set on reducing cost that would be serious contender.