Dollar Coin Alliance Switching to the dollar coin will save billions Mon, 23 May 2016 20:32:34 +0000 en-US hourly 1 Former Rep. Tim Penny (D-MN) – Real Clear Markets: “It’s Time to Switch From a Paper Dollar to a Dollar Coin” Mon, 23 May 2016 20:31:50 +0000 Former Rep. Tim Penny (D-MN) wrote an op-ed featured in Real Clear Markets entitled “It’s Time to Switch From a Paper Dollar to a Dollar Coin” that outlines why we should modernize our currency to maximize its economic value by switching to the dollar coin. To view the full piece, click here.

Former Reps. Tim Penny (D-MN) and Jim Kolbe (R-AZ) – Washington Examiner: “Dollar coin: Change that could help us achieve a ‘Moonshot'” Mon, 04 Apr 2016 18:01:58 +0000 “Meeting our Greatest Challenges.” That is the title of the president’s final budget, which outlines an ambitious agenda for the president and Congress in Obama’s final year in office.

Regardless of what your position may be on some of the proposed initiatives, it is indisputable that we cannot attempt to meet our greatest challenges without having a strategy on how to adequately pay for them. And many of the president’s goals in this year’s budget call for a huge chunk of change – many of which could be fully paid-for by taking a simple step to modernize our low-dollar currency.

One of the proposed initiatives is an important cause that transcends politics, the president’s “Moonshot” effort to cure cancer. President Obama dedicated part of his State of the Union address to announce a White House mission to make strides in cancer research, all to be led by Vice President Biden, who recently lost his son to the terrible disease. Cancer is unfortunately a disease that impacts almost every American family and the president and the vice president have devoted their last year in office to doing something about it.

To get the mission kicked into gear, the president has called for $1 billion to start this effort, which includes funding for the National Institutes of Health (NIH) and increased funding for cancer related research.

By taking the step to modernize our one-dollar currency, which the Government Accountability Office (GAO) has recommended ten times and nearly every other major economy in the world has already done, we could pay the initial “Moonshot” investment 13 times over. If we as a nation move forward with currency modernization, we would generate up to $13.8 billion in savings for the government.

The dollar coin would save the country billions — and will do so without raising a single tax or cutting a government program. And two-thirds of Americans support replacing the dollar bill with the dollar coin when informed of the potential government savings. So, the question to Congress is, what are we waiting for?

If it’s not for an investment in the search to find a cure for cancer, there are numerous other programs that should be funded this year and need the savings generated from the dollar coin. Supporting Computer Science for All (a $4 billion investment); Incentivizing Justice Reform with the 21st Century Justice Initiative (a $5 billion investment); and, Countering Russian Aggression and Supporting European Allies (a $4.3 billion investment).

Currency modernization has strong support in Congress and is currently included in a package of budget savings reforms based on GAO’s recommendations to eliminate waste and duplicative spending in the federal government. The Unified Savings and Accountability Act (USA Act) would implement at least $57 billion in cost savings throughout the federal government.

This bipartisan effort to create these savings are led by Senator Mike Enzi, R-Wyo., Chairman of the Senate Budget Committee, Senator John McCain, R-Ariz., Congressman Robert Pittenger, R-N.C., and Congresswoman Kyrsten Sinema, D-Ariz.

The savings generated by passing the USA Act, including moving our country to a dollar coin, would either create significant budget savings or fund critical programs that Congress must address this year, including: the Federal Aviation Administration Reauthorization bill and the Higher Education Act Reauthorization bill, both of which are topics of discussion for the year.

It’s common sense. If we are serious about fiscal responsibility, about investing in our future — cancer research, innovation, education, healthcare, security — and saving American taxpayers billions in the process, we must modernize our currency and capture the billions in savings provided by the dollar coin.

Representatives Tim Penny and Jim Kolbe, Honorable Co-Chairs of the Dollar Coin Alliance.

For more information please visit

Contact: Bryan DeAngelis

PRESS RELEASE: Dollar Note Makes Senator McCain’s “America’s Most Wanted: Running Spending List” Tue, 12 Jan 2016 21:46:58 +0000
Dollar Note Makes Senator McCain’s “American’s Most Wasted: Running Spending List”

Billions in Taxpayer Money Wasted by Failure to Modernize to Dollar Coins

WASHINGTON, DC (January 12, 2016) – Senator John McCain (R-AZ) recently released his “America’s Most Wasted: Runaway Spending” list, outlining outrageous government spending at the expense of the American taxpayers that occurred throughout 2015. Sen. McCain’s report highlights the inefficiency and costly dollar note as one of 50 government programs identified as wasteful, duplicative and inefficient government spending.

McCain outlined the many benefits of currency modernization in his report, including that the switch to the dollar coin could save American taxpayers roughly $4.4 billion over 30 years. Other estimates found savings more than three times that amount.

A report released by a former Treasury Department economist estimated that modernizing to the dollar coin would save taxpayers at least $13.8 billion. The dollar coin, recyclable after 30 years of use, far outlives its wasteful counterpart. In fact, a single dollar coin will replace up to 17 one-dollar bills during its lifetime.

“Senator McCain gets it – the math on the dollar note just doesn’t add up,” said Former Congressman Jim Kolbe, Honorable Co-Chair of the Dollar Coin Alliance. “We waste millions each year printing inefficient notes. Currency modernization is an opportunity to eliminate wasteful spending and save taxpayers billions. Other countries have recognized the cost savings and benefits of switching to coins from low-value paper currency, including Canada, the United Kingdom, France, Spain and others. It’s time for the US to catch up.”

In Canada, the federal government experienced cost savings ten times their initial estimate when eliminating the dollar bill. And, contrary to popular belief – a majority of Americans support a transition to the dollar coin as a way to reduce the deficit.

For more information, please visit

About The 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 a one-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

Contact: Bryan DeAngelis

Press Release: DOLLAR COIN ALLIANCE ENDORSES BIPARTISAN USA ACT THAT SAVES TAXPAYERS AT LEAST $57 BILLION Wed, 29 Jul 2015 19:59:13 +0000 Legislation introduced in House and Senate reduces government waste and implements huge cost savings through currency modernization

WASHINGTON, D.C. – The Dollar Coin Alliance strongly supports the introduction of the Unified Savings and Accountability Act (USA Act). This legislation, introduced today in the House and the Senate features provisions that would implement at least $57 billion in cost savings throughout the federal government. Included in the USA Act is a currency modernization provision that eliminates the dollar note and replaces it with the more sustainable and efficient dollar coin, generating at least $4.4 billion and up to $13.8 billion in taxpayer savings.

The USA Act, introduced by Senators John McCain (R-AZ) and Mike Enzi (R-WY) in the Senate and Congressman Robert Pittenger (R-NC) and Congresswoman Kyrsten Sinema (D-AZ) in the House, combines opportunities to reduce waste and create efficiencies throughout the federal government, many of which are based on the Government Accountability Offices’ (GAO) recommendations.

“This legislation recognizes the critical need for budget-saving measures such as currency modernization,” said Former Congressman Tim Penny, Honorable Co-Chair of the Dollar Coin Alliance, “Reducing waste and inefficiency is always the right decision. Creating savings for taxpayers and funding for necessary programs is a common sense plan both parties can get behind.”

Support for currency modernization and the dollar coin continues to grow in Congress. Earlier this year, Congress passed a budget resolution which allows the savings from currency modernization to be applied to budget items – a significant development as Congress struggles to find funding for critical programs such as the highway patch, repealing the medical device tax, or addressing any number of sequester concerns.

These recent achievements come after 24 years of the GAO recommending currency modernization. They estimate that the Federal government could save billions without raising a single tax or cutting a single program.

“During a time when everyone is squeezing the budget for potential savings, it’s important for Congress to look at the bills that are right in front of them,” said Former Congressman Jim Kolbe, Honorable Co-Chair of the Dollar Coin Alliance. “Modernizing currency is a common-sense solution that could result in up to $13.8 billion in U.S. taxpayer savings – and that’s something everyone should get behind.”

Businesses and the American people are ready to support the transition to the dollar coin and experience the significant benefits from currency modernization.  Rasmussen reported in late 2012 that 61% of Americans favor the dollar coin after informed of the budget savings. Opinion pages across the nation support the switch to the dollar coin including The New York Times, USA Today, The Washington Post, The Chicago Tribune and U.S. News & World Report.

For more information please visit

Updated: July 30, 2015

Contact: Bryan DeAngelis


Former Reps. Tim Penny (D-MN) and Jim Kolbe (R-AZ) – The Hill: “Dollar coin: Change that would mean billions in budget savings” Fri, 06 Feb 2015 16:51:14 +0000 Former Rep. Tim Penny (D-MN) and Jim Kolbe (R-AZ) wrote an op-ed featured in The Hill entitled “Dollar coin: Change that would mean billions in budget savings” that outlines how the dollar coin could be a partial pay-for many of the President’s new initiatives. To view the full piece, click here.

Former Rep. Tim Penny (D-MN) – Roll Call: “Realistic Budget Rules Would Save Taxpayers Billions” Thu, 13 Nov 2014 16:45:35 +0000 Former Rep. Tim Penny (D-MN) wrote an op-ed featured in Roll Call this week entitled “Realistic Budget Rules Would Save Taxpayers Billions” that outlines how simple budget shifts, like switching to the dollar coin, could save the United States billions. To view the full piece, click here.

Former Rep. Jim Kolbe (R-Ariz.) – The Intelligencer: “Dollar Coin: Money That Can’t Be Hacked” Thu, 13 Nov 2014 16:44:37 +0000 Former Rep. Jim Kolbe (R-Ariz.) penned a letter to the editor entitled, “Dollar Coin: Money That Can’t Be Hacked” in response to a piece by Frank Peiffer that appeared in The Intelligencer on October 21. Rep. Kolbe’s piece outlines the necessity for hard currency and dollar coins. To view the full piece, click here.

Tom Schatz- The Hill: “Dollars and common sense” Mon, 22 Sep 2014 20:05:05 +0000 Tom Schatz contributed an op-ed in The Hill entitled, “Dollars and common sense” last week. Schatz explains, “The sooner the switch to the $1 coin is made, the sooner the nation will start accumulating billions of dollars in savings and catch up with the currency policies of our trading partners. At a time when the national debt exceeds $17.7 trillion, Congress can ill afford to wait much longer.”

To view the full text, please click here.

Former Reps. Tim Penny (D-Minn.) and Jim Kolbe (R-Ariz.) – The Hill: “The USA Act will save taxpayers money” Mon, 22 Sep 2014 19:55:41 +0000 Former Reps. Tim Penny (D-Minn.) and Jim Kolbe (R-Ariz.) penned an op-ed entitled, “The USA Act will save taxpayers money” that outlines the benefits of the USA Act. To view the article please click here.

Press Release: USA Act Offers $200 Billion in Savings Fri, 25 Jul 2014 19:09:02 +0000

House Bill Packages Common Sense GAO Recommendations, Including Currency Modernization, to Save Taxpayers Billions

Washington D.C. (July 24, 2014) – The Dollar Coin Alliance strongly supports the introduction of the United Savings and Accountability Act today, a bipartisan House bill that will save the federal government nearly $200 billion over 10 years. The USA Act packages a number of recommendations by the Government Accountability Office to reduce, eliminate, or better manage federal programs and save money for taxpayers.

The USA Act, which was introduced by Reps. Mike Coffman (R-CO-6) and Kyrsten Sinema (D-AZ-9), packages together select savings opportunities detailed in GAO reports from 2011 to 2014 to preserve bipartisan support, and to ensure quick and easy implementation. Together, the provisions of the bill would generate nearly $200 billion over 10 years, including $4.4 billion from eliminating the dollar note and modernizing to a dollar coin. Other savings opportunities include:

  • Data Centers ($10 Billion) – Consolidate data centers across agencies for cost savings and efficiency
  • Passports for Taxes ($10 billion) – Cancel passports of citizens who owe more than $50K in taxes
  • Medicare/Medicaid Fraud ($33 billion) – Improve CMS ability to find and eliminate fraud

“For years, Congress has been struggling to enact real, meaningful budget reform,” says Jim Kolbe, Honorary Co-Chair of the Dollar Coin Alliance. “The USA Act is common sense legislation that will be a significant step forward in these efforts; saving nearly $200 billion by eliminating wasteful spending and making the government more efficient.”

The dollar coin is a measure endorsed not only by the GAO, but also by numerous budget watchdogs, a majority of Americans, editorial boards from across the country and members of Congress from both sides of the aisle. Earlier this year, former Treasury Department economist Aaron Klein estimated that the government could save as much as $13.8 billion by eliminating the dollar bill in favor of the coin. The Currency Optimization Innovation and National Savings (COINS) Act (S. 1105 and H.R. 3305) was introduced earlier this Congress by a bipartisan group of lawmakers in both chambers of Congress.


“Taking advantage of savings offered by provisions like currency modernization is long overdue,” says Tim Penny, Co-Chair of the Dollar Coin Alliance. “The dollar coin is just one example of an opportunity for Congress to generate billions in savings, without cutting a single program or raising a single tax.”