I know that we’ve been debating getting rid of the penny for some time now, and there are a couple of reasonable arguments to be made for that. They cost more to produce than they’re worth and far too many of them are sitting on the sidelines. But until now I had no idea that we were considering dumping the dollar bill. And yet that’s precisely what Congress will be examining soon.
American consumers have shown about as much appetite for the $1 coin as kids do their spinach. They may not know what’s best for them either. Congressional auditors say doing away with dollar bills entirely and replacing them with dollar coins could save taxpayers some $4.4 billion over the next 30 years.
The latest projection from the Government Accountability Office on the potential savings from switching to dollar coins entirely comes as lawmakers begin exploring new ways for the government to save money by changing the money itself.
The Mint is preparing a report for Congress showing how changes in the metal content of coins could save money.
Read more at Hot Air. By Jazz Shaw.
Photo credit: MoneyBlogNewz (Creative Commons)
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By law congress can “coin” only money anyway. So no biggie to me.
When the country was founded and coinage was defined, the Dollar was one Troy ounce of almost pure Silver. The Thaler (or Taler or Talir) was a silver coin used throughout Europe for almost four hundred years. Its name lives on in various currencies as the dollar or tolar. So since the Silver Troy ounce coin is the Dollar, lets make it the current value of a dollar. Today it is about 34 Dollars per ounce and for the last 123 months it has been as low as $26.50 and as high as 34.50. So make a Dollar Worth $30.00 and a one Troy ounce $20 gold piece worth about $1,700 per ounce. Then rename all currencies to match. Or a Gold/Silver ration of 50 to 1. A $50 Gold piece would be worth 50 Silver Dollars. A silver Dime would be worth a present $3.50, so the nickel Coke is back with us again like in the 1950′s. And five zinc pennies fousted off as copper (Only a Fiat Could do that) would buy a Coke.
OK, we get rid of the penny, so while we are at it , outlaw the idiotic pracice of pricing ending in $.99 which the moronic public thinks is less that the price rounded to the next dollar, AND, outlaw the supremely deceptive ( to the moronic public ) pricing of gasoline ending in 1/10 of a cent, which adds up to a savings of 1 penny for every TEN (10) gallons of gas, (1 penny with a total bill of $35.oo ). Maybe then people will stop referring to the price of gas by the lower value instead of what it really is.
You are supporting government price controls then right?
I don’t care what they do as long as Obama’s face isn’t on it.