SAVE Award 2011 Ideas

Replacing dollar bills with coins would save on printing costs.

It costs 2 cents to make a penny. Stop making pennies and round amounts to the nearest nickel.

I was shocked and embarrassed by this report. Please do the sensible thing and stop spending money to create and store coins that no one is going to use:

 

http://www.npr.org/blogs/money/2011/06/29/137400808/the-friday-podcast-wasting-money-making-money

The dollar coin is useless because, by touch, it is indistinguishable from a quarter. The British Pound is a useful coin because it's a convenient unit AND easy to find in your pocket. Changing the weight and size would allow continuance of the coin production, but put useable dollars into circulation. The easier it is to spend a dollar, the faster this recovery will be.

As we've heard recently on NPR, and seen recently of ABC News, we have literally billions of $1 coins in storage which is costing us almost $500 million a year. At the same time, we have to keep printing billions of $1 paper bills which have a very short useful life and cost of hundreds of millions a year to dispose of. The $1 coin weighs almost no more than a quarter and, at most, you'd only have four or so in your... more »

Call it the Small Change Act, the most a person would ever have to contribute on a single transaction would be 9 cents.

I once read that the cost of making the penny and nickel, both outweigh the actual value of the coin.

My proposal is similar to what some banks are starting to offer, in a keep the change program.

On all *CASH* purchases, the total price, after sales tax, would be rounded up to the nearest amount,... more »

Pennies cost twice as much to produce as their value. It is time to stop making more.

Save money by replacing dollar bills with coins.

The case to halt minting the Presidential Dollar Coin is well documented in the media. http://www.npr.org/2011/06/28/137394348/-1-billion-that-nobody-wants

and

http://www.npr.org/blogs/money/2011/07/13/137795995/how-frequent-fliers-exploit-a-government-program-to-get-free-trips


First, the minting Presidential Series dollars has cost $300 million since it was mandated by Congress in 2005. Minting money like this is... more »

The US has a lot of dollar coins in storage. Moslty at Federal Reserve Banks and Leased Space. Change the payment section of the contracts to allow payment in Coins. This would require either an address where the coins will be delivered or and andress where the coins can be picked up by the contrator.

By using these coins, which have been minted allready, the government would not have to borrow that money,

A payment... more »