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Department of the Treasury

Replace $1 notes with $1 coins and SAVE BILLIONS

Although the news is filled with distractions like the cost to the Fed to house unused $1 coins and how Americans don't "like" $1coins because they are heavy and easily confused with quarters, I would suggest we look at this issue with common sense and practicality for the sake of our nation. An impartial GAO study update this year determined that billions could be saved over time if we replace single $1 notes with $1 coins because coins last so very much longer than $1 notes. Please realize that we are talking ONLY about $1 notes, NOT $5 notes and above; people sometimes get confused and think we are asking them to carry 50 $1 coins in their pockets. Shouldn't we be picking this low-hanging fruit of savings given our nation's financial straits? The point is that many nations around the world have woken up to the savings and instituted low denomination coins to replace equavalent notes. After a couple weeks of adjustment, there are no problems whatsoever. It is easy and painless. This is not about Americans putting their sense of convenience over the welfare of the country. When Americans are told about the benefits of $1 coins -- they are 100% recyclable, last for decades and save our nation money -- people are happy to use them. Most people just don't understand the benefits.

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Idea No. 411