GAO Says $1 Coin Could Save $ 5.5 Billion

The Government Accountability Office says scrapping the paper dollar for the coin equals big savings.

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Get ready for another push to make everybody lug around $1 coins. The Government Accountability Office says that scrapping the paper dollar in favor of the long-ignored $1 coin would save $5.5 billion over 30 years—after a costly start-up process, that is. (Coins, being more durable, don't need to be replaced as often.) And what would it take for the country to accept the new coin, as countries like Canada and Britain have? Essentially, the GAO says, the feds would have to burn up every $1 bill so we don't have a choice but to use the coin. As the auditors note: "About 1.1 billion $1 coins are held in storage by the Federal Reserve banks because, according to senior Federal Reserve officials, of the limited public demand."

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