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.
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.