Could the Dollar Bill Soon Be History?

Could the Dollar Bill Soon Be History?

Should America hop on the $1 coin bandwagon?

Countries including Australia, Canada, Japan and New Zealand have made the switch and no longer circulate $1 bills (or the equivalent).

Still, replacing the dollar bill with a coin has not proved popular among Americans in the past: Neither the 1979 Susan B. Anthony dollar or the 2000 Sacagawea Golden Dollar ever gained traction.

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But a new report by Aaron Klein, a former deputy assistant secretary of Treasury, has turned a few heads. The report found that trashing the fragile dollar bill for a coin could save taxpayers $13.8 billion over the next 30 years. Although it is cheaper to produce the bill versus the coin, the bill only lasts about 5 years, whereas a coin can live up to six times that long, CNN Money reports.

Should We Pitch the Paper?

With the nation's debt continuing to climb (it's currently at $16.8 trillion!), this could be one small yet effective way to save money.

Last month, a group of politicians introduced the COINS Act, advocating for the switch from paper to metal. This bill hopes to make existing or future dollar coins more popular by ending the dollar bill's existence completely.

Wait a second—is it really necessary to rid America of the beloved dollar bill altogether?

According to the Government Accountability Office, a nonpartisan organization, it is: Part of the reason Americans have not caught on to the coinage trend is because they still have the option to use their wrinkly dollar bills. When Canada and Britain made the switch in past years, public resistance eased in only a few years, and people became comfortable with the change.

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There are drawbacks to this plan, however—there are transportation and storage costs to think about, as well as businesses who would have to buy new vending machines, coin counting machines and cash registers down the road, potentially costing them money.

But, look at the bright side of the coin: When you keep all of those taxes you won't have to pay, your pocket may be a bit heavier ... but you'll never have to worry about a dollar ripping in half!

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