Department of Health and Human Services

Abolish the Penny and the Paper Dollar

It costs more to mint a penny (1.6 cents in 2009) than it is worth. It costs 32 cents to make a dollar coin, which lasts 30-50 years, unlike the paper dollar, which lasts 18-22 months. Instead of the proposal to stop minting the dollar coins [See the news report on NPR this summer documenting how few American consumers or collectors have warmed to the coins and Senator Vitter's bill (S. 1385) to halt production], the solution is to end the paper dollar and just use the dollar coin. People will adapt--especially after they realize the millions of tax dollars that would be saved.

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Idea No. 8350