PRESS RELEASE: National Editorial Boards Endorse Dollar Coin
New York Times, Boston Globe, Virginia Pilot Recognize Lasting Benefits of Modernizing U.S. Currency
For Immediate Release
December 10, 2012
Contact: Bryan DeAngelis
WASHINGTON – Following last month’s Congressional hearing on the budget savings benefit of the dollar coin, editorial boards from across the country have endorsed replacing the note with the coin. In the last few days, the New York Times, Boston Globe and Virginia Pilot have editorialized in favor of the coin.
From the New York Times
“America’s money is too expensive. That’s essentially what the Government Accountability Office stressed last week to a House subcommittee examining possible changes in America’s currency. Paper dollar bills wear out after four or five years, and replacing them with a sturdier coin could save $4.4 billion over the next 30 years,” wrote the Times. “As Washington struggles to cut costs big and small, converting to the dollar coin would be a reasonable way to save money.”
From the Boston Globe
“Few countries still produce a banknote with as little value as the US $1 bill. Because the bills wear out so quickly, the government has to print about 2 to 5 billion new ones every year. Producing bills instead of relying solely on long-lasting dollar coins means extra expense for the government, extra annoyance when consumers try to use them in finicky vending machines, and extra challenges for blind Americans who have to distinguish between identical-sized bills,” wrote the Globe.
From the Virginia Pilot
“As The Associated Press reported last week, Beverly Lepine, chief operating officer of the Royal Canadian Mint, said her country now loves its ‘Loonie,’ the nickname for the $1 coin that includes an image of a loon on the back,” argued The Virginia Pilot, ‘’The switch went over so well,’ the AP said, ‘that the country also went to a $2 coin called the ‘Toonie.’ Continuing to make and circulate dollar bills is costly at a time the nation needs every (too expensive) penny. It’s time we learned to deal with change.”
The full editorials can be viewed on each newspaper’s website: New York Times, Boston Globe, and Virginia Pilot. These endorsements follow earlier endorsements the dollar coin has received from USA Today, L.A. Times, Chicago Tribune, the Washington Postand others.
At last month’s subcommittee hearing of the House Financial Services Committee, the independent, non-partisan Government Accountability Office (GAO) recommended a move to the dollar coin for the 8th time. They have estimated that the federal government could save at least $4.4 billion, if not more, without raising a single tax or cutting a single program.
In addition to testimony from the GAO, the committee heard from Philip Diehl, former Director of the U.S. Mint, and Beverly Lepine of the Royal Canadian Mint. Canada transitioned to a dollar coin in 1987 and realized ten times the budget savings initially estimated. Their testimony can be found at www.dollarcoinalliance.org.
Bipartisan legislation to transition from the dollar note to the dollar coin has been introduced in both Chambers of Congress. The COINS Act (H.R. 2977 and S. 2049) was introduced by Congressman Schweikert, Senators Tom Harkin (D-IA), John McCain (R-AZ), Tom Coburn (R-OK), Mike Enzi (R-WY) and is designed to save the country billions of dollars by eliminating the wasteful, inefficient $1 note.
About Dollar Coin Alliance
The Dollar Coin Alliance is a coalition of small businesses, budget watchdogs, transit agencies, and labor groups dedicated to saving American taxpayers billions of dollars by transitioning to the dollar coin, and focused on educating taxpayers and policy-makers about the benefits of increasing dollar coin circulation. For more information, or to get involved, please visit www.DollarCoinAlliance.org.