Endorsements

From Trusted Editorial Boards

Opinion pages across the nation support the switch to the dollar coin.

Cheaper Money: As Washington struggles to cut costs big and small, converting to the dollar coin would be a reasonable way to save money.

Ditch the dollar bill and live with change: The main reason to make the switch is that it will save money. Paper dollars wear out in about three years and then are typically shredded and put in landfills. Coins cost more to make, but they last 30 years or more, and they’re recyclable when they become too worn to circulate. The government also makes money on the difference between what money costs to make and what it’s worth.

In defense of the dollar coin: To the extent it’s possible to weigh the matter objectively, facts favor the coin. Almost all industrialized countries have eliminated small-denomination bills, because metal objects last longer than paper ones. Protecting the long-run interest of taxpayers is what Congress is supposed to do.

Cutting a dollar a tough issue for Congress: On balance, though, the merits favor a coin: Past attempts have failed because the government continued to offer a dollar-bill alternative. If you eliminate that, as Mr. Schweikert’s bill would, then business and consumer acceptance should be no problem. The government could draw down existing stockpiles to meet demand. Given the country’s financial emergency, it’s worth a try.

Pennies, no; dollar coins, yes: Let’s learn another lesson from Canada and start using one-dollar coins. That move is a tougher sell, though it also would save the government mega-bucks since coins last far longer than paper currency… The most effective way to introduce Americans to the dollar coin would be to stop printing dollar bills.

Hard currency: Change is hard. But this one’s overdue. Printing paper dollars is a waste of money we don’t have.

8 Easy Ways to Cut Government Spending: Replace George with Sacajawea (est. savings: $184 million).

Dollar coin? It’s time: A coin would last longer than a bill, saving the government money. A dollar bill, as we all know too well, is a fleeting thing. Not just because it leaves our hands so much more easily than it returns but because, as it changes hands, it wears out within about three years, and often sooner. A coin’s life span, by contrast, averages 30 years.

Dollar Coin: …it ($1 coin) makes indisputable financial sense. In its latest report on federal cost-cutting ideas, the Government Accountability Office estimated savings of $5.5 billion over 30 years with a dollar coin. It was the fifth GAO recommendation on behalf of such a coin over the past 20 years.

US should scrap $1 bill for more economical coin: Even as other nations eliminate low-denomination money, the dollar bill has hung on through a combination of nostalgia, inertia, and lobbying by paper and ink suppliers like Dalton-based Crane. But there is no good reason to keep the bill. Canada managed to phase out its dollar bill without economic disruption or social unrest. Surely we can do it here, too.

Dollar coins mean change for better: 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.

It’s time for the Treasury to phase out dollar bills: The Reno Gazette Journal writes, “If Congress and President Barack Obama were truly serious about avoiding the “fiscal cliff” come Jan. 1, they’d start with a few easy measures instead of going for the whole ball of wax at one time. They could get rid of the $1 bill, for instance.

Swap dollar bill for coin to save: Our leaders in Washington, D.C., face many difficult decisions as they approach the “fiscal cliff.” This isn’t one of them. This is a no-brainer. The federal government can save billions over time by simply replacing dollar bills with longer lasting dollar coins.

Ditch penny and paper dollar bill: A dollar coin — without a dollar bill — makes so much more sense. Congress, including and especially Wisconsin’s delegation, should show it isn’t totally dysfunctional by getting this done.

Congress Should Ditch the Dollar Bill for Long-Lasting Dollar Coins: Here’s an easy way to save billions without cutting federal programs or raising taxes: Simply ditch the $1 bill… Most Western economies have moved to the equivalent of dollar coins to similarly save money, according to USA Today. The United States should, too.

Why we should do away with the dollar bill: We think a proposal in Congress backed by Colorado’s Sen. Mark Udall to phase out the $1 bill and replace it with dollar coins makes a lot of sense. And, more importantly, it will save a lot of cents.

U.S. Government Reports: 23 Years of support for the dollar coin

The nonpartisan GAO has issued ten reports over the past 23 years and consistently found that replacing the $1 note with a $1 coin would save save $4.5 billion over 30 years.

2012 Congressional Testimony

Lorelei St. James of the Government Accountability Office (GAO) testified before the U.S. Congress that a transition from the dollar note to the dollar coin will save the federal government $4.5 billion over 30 years.

2013 Questions for the Record

The GAO recommended for a ninth time that the U.S. transition from a dollar note to a dollar coin, explaining the many benefits to the federal government and the taxpayers.

2012 Annual Report:

Replacing the $1 note with a $1 coin would provide a significant financial benefit to the government over time. Over the past 40 years, many nations have replaced lower-denomination notes with coins as a means of providing a financial benefit to their governments.

February 2012:

Replacing the $1 note with a $1 coin would provide a net benefit to the government of approximately $4.4 billion over 30 years

March 2011:

Replacing the $1 Note with a $1 Coin Would Provide a Financial Benefit to the government

April 2000:

Financial Impact of Issuing the New $1 Coin

July 1995:

A Dollar Coin Could Save Millions

March 1993:

1 Dollar Coin Reintroduction Could Save Millions if Properly Managed

May 1990:

A Dollar Coin Could Save the Government Millions

Trusted Opinions from Thought Leaders

Business leaders, Former Directors for the U.S. Mint, and Members of Congress, and concerned citizens all support the dollar coin.

Phillip N. Diehl, Former Director of the United States Mint

“The benefits of the dollar coin are well-known and hardly debatable. Put simply, switching to a coin saves the country money.

The nonpartisan Government Accountability Office has studied this issue six times during the past 20 years, and each time has concluded that the government can save billions by replacing the dollar bill with a dollar coin.”

Rich Smith, Financial writer for The Motley Fool

“To me, though, these objections just don’t carry any weight. So let me put this plainly, in terms any American taxpayer can understand: Would you rather switch to dollar coins, or would you rather have your taxes increased by $183.3 million to pay the price of nostalgia?”


Video: Coins Could Replace Dollar Bills, Save US $5.6 Billion, from ABC World News Tonight
Congressman David Schweikert (AZ-5)

“This is one of those issues that on the face should be almost blatantly simple. Out of the things we deal with here in Washington, trying to find a way to save money for this country shouldn’t be political theater.”

Former Congressman Jim Kolbe, AZ

“Well, here’s a modest proposal — something that could save us billions of dollars without raising taxes or cutting programs. It’s time to eliminate the $1 greenback.”

Former Senator Domenici, co-Chairman of the Debt Reduction Task Force

“The goal of this task force has been to identify bipartisan proposals to address our country’s growing federal debt. Modernizing our one-dollar currency is a simple, common sense measure that I have long supported because of the billions in savings it offers the federal government.”

Lorelei St. James, Director of the Physical Infrastructure Team at the GAO

“We continue to believe that replacing the note with a coin is likely to provide a financial benefit to the government if the note is eliminated… Many other countries have successfully replaced low denomination notes with coins, even when initially faced with public opposition.”

Heidi Wastweet, Member of the Citizen’s Coinage Advisory Committee to the U.S. Mint.

“We like to view our country as forward-thinking, yet all of Europe, Britain, Australia, New Zealand and even Canada already have realized the savings of using dollar coins for years now.”

Dave DuGoff, Vice-President at the Mid-Atlantic Car Wash Association

“I run a business that’s about as small as it gets — a car wash in Maryland… for the past 12 years, I’ve been using $1 coins as change for my customers. And guess what? People like them.

Michael Zielinski, Editor of Coin Update and author of Mint News Blog.

“If Washington is serious about seeking savings, why not join the rest of the world and make the switch? With a ready stockpile of dollar coins, the timing seems opportune.”