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Should the $1 Bill Go Away?

The measure could save the U.S. government a lot of money, but do you think it’s worth it? We want to hear your thoughts, Tampa Bay!

Can you imagine having to count out coins every time you wanted to break a $5 bill? That could be the future for Americans if a request by the U.S. Mint is granted.

The federal government is currently exploring the possibility of doing away with the $1 bill as a way to save taxpayers money, according to The Huffington Post.

While there would be some upfront costs involved in making the switch, the measure could save as much as $4.4 billion over the next three decades. That savings comes from the fact that coins stand up to the test of time longer than paper bills, the Post reports.

A report is currently being put together for Congress by the Mint. It explores not only a change in $1 currency, but also the metals used in the making of coins.

While other countries like Canada use $1 coins, previous introductions of them in the U.S. haven’t gone over well in the past. Anyone remember the the Sacagawea $1 coin?

More recently, $2.4 billion in Presidential coins have been minted in the last five years. Most of those coins, however, are now stored by the Federal Reserve, the Post article says. Production of these coins was halted in 2011, but these coins can still be ordered by collectors through the U.S. Mint.

People, it seems, just don't like the idea of carrying around more loose change in their pockets.

Whether Congress will go along with the switch or not remains to be seen.

While the issue is being discussed in Washington, D.C., we’re interested in hearing what you have to say Tampa Bay! What do you think about the possibility of the $1 bill going away? Does the idea make sense to you or would you prefer Congress find cost-savings elsewhere? Share your thoughts in the comments section.

Goin' Commando December 06, 2012 at 04:43 PM
Ignorance of economics is no excuse to be ignorant about "value", unless you also believe that the earth is flat, and that each person is a metaphorical island, and that the President was not born in Hawaii.
Goin' Commando December 06, 2012 at 04:48 PM
For SC (and I ain't referring to Scott Calvin), let's go back to exchanging wampum, or maybe tulips, or maybe Bounty Paper Towels. Every major country on earth uses paper money and coins, and the coins generally have no monetary relationship to metallurgical value. You really need to get out of your nuclear war bunker and join the real world, or, maybe just stay in the bunker and cut your internet connections.
Allie's Grandpa December 06, 2012 at 04:56 PM
Well, whether or not the US adopts (widely) a $1 coin is irrelevant, except as a matter of convenience, and for the men, the preservation of the bottom of our pockets. Indeed the question of "paper or plastic" is more meaningful for America than the question of "paper money or metallic money"; the latter doesn't matter at all. I still have Swiss Franc coins, and Pound coins, and Canadian Dollar coins from my travels, but holding on to them isn't a matter of protecting my economic future but the lousy exchange rate you get from the Exchange Bureaus when you go to sell back your excess local currencies when returning to the States. Besides, they can always be used on my next trip to each country.
Lisa Cunningham December 09, 2012 at 02:09 PM
Let's get rid of the penny first. It's useless because it can't work on a bus or in any vending machine in America. Canada got rid of its penny. Once again, Congress wastes so much money studying things that it never implements. Jamie, I agree. Coins are easy to lose on the street, in your couch, wherever. In fact, I don't even bend down to pick up pennies anymore. They are worthless.
chuck February 08, 2013 at 08:28 PM
Get rid of the penny, nickel, dime(since they are like worthless now; even the hobos ask for a dollar), $1 bill, and $2 bill. Round up or down to the nearest quarter dollar. That will save the gov a lot of money and we don't have to carry those coins(penny, nickel, dime) any more.

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