GAO says dollar coins would result in net financial benefits
Should the U.S. switch to dollar coins?
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Last Updated: 372 days ago
WASHINGTON - There's new talk of replacing the dollar bill with a coin.
The Government Accountability Office says the U.S. would receive a financial benefit from making the replacement.
Mass transit agencies, mining and metal companies, vending machine manufacturers and other groups are in favor of switching to coins. But some businesses, including the company that makes the bills, are in favor of keeping the paper version.
According to the Wall Street Journal, the GAO estimates replacing the $1 bills with coins would provide some $4.4 billion in "net benefits" to the federal government over 30 years because they last longer. But that benefit only averages to less than $147 million a year, which the WSJ describes as a "tiny drop in the fiscal bucket.
Public opinion has consistently been against the dollar coin.
Read more here: U.S. Should Replace Dollar Bills With Coins, GAO Says
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