David Schweikert's Plan for Dollar Coins: Yay or Nay?

marioCoins.jpg
candy.org
Arizona Republican Congressman David Schweikert's trying to phase out the dollar bill, and replace it with a dollar coin through his "COINS" Act.

According to a poll commissioned by a pro-dollar bill advocacy group, Schweikert's own Republican constituents and base voters aren't too hip to the idea by a pretty wide margin.

Schweikert's "COINS" Act, which he introduced in September, is meant to be a way to save the taxpayers money, as Schweikert's office claims the act would save the country $5.5 billion over 30 years.

The act would require Federal Reserve banks to stop issuing dollar bills four years after the legislation is enacted, or when the circulation of dollar coins reaches 600 million annually, whichever comes first.

Paper, as you can imagine, has to be replaced more frequently than coins, and Schweikert says a dollar coin lasts as long as 17 dollar bills.

The poll results say 87 percent of Schweikert-committed voters oppose the COINS Act, and 81 percent of Republicans committed to Congressman Ben Quayle in the state's sixth Congressional district don't like it either.

Sixty-six percent said the dollar bill is "more American" than the coin, and 79 percent say it's "unnecessary" and "unwanted."

According to the "Dollar Coin Alliance," they're "questioning" the polls -- which are being commissioned across the country by the pro-dollar bill group -- because the poll questions don't mention the projected savings under the coin plan.

A comment posted on yesterday's blog under the name of "Dollar Coin Alliance" pointed to multiple Government Accountability Office reports advocating the switch.

This morning's question: Do you support replacing the dollar bill with a dollar coin? Cast your vote below:




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27 comments
Michelle
Michelle

The gov't mints a whole mess of dollar coins. They go largely unused because they are unwanted, inconvenient. There are a few warehouses full of these dollar coins...just sitting there.

I don't understand why we don't be more innovative and add plastic to the paper bill to make them last longer.

Timothy D Little
Timothy D Little

oh...and the coins I imagine will go as high as 5 dollar coins. maybe even 10. So worries bout pockets full of 1 dollar coins are unnecessary.

Timothy D Little
Timothy D Little

I was using Coins in Europe 20 years ago and it was no big issue. Plus the use of debit Cards has already cut into the need for paper money. Paper is pretty but I would prefer the savings.

Hjunk
Hjunk

I would rather have a few dollar coins than fistfulls of nickles, dimes, and quarters. I also would rather use dollar coins than those crappy dollar bill slots that never work in vending machines.

mhunter86
mhunter86

We should have switched to the Dollar Coin years ago. Keeping the dollar bill is simply indefensible. The most people would have to carry is a few extra coins.  Why are people always so resistant to the most minuscule of changes?

Walter Concrete
Walter Concrete

Who wants to walk around with five pounds of coins in their pockets?    No one.    It would be the first phase of doing away with cash.    More control, less freedom.    Do you realize how many people use cash only in their way of living?   It would eventually put them out of business and reduce the tax base even more .....as if the government even used tax money anyway.   It's all just a big game about nothing to get the people prepared for their sheep pens.

WhoKnows
WhoKnows

Canada did this years ago, and it was accepted.  So much so they also replaced their $2 bills with a coin.

And yes, the US does have $2 bills!

John
John

It's a no brainer. Low hanging fruit that I cannot figure out why our government doesn't pick.

Dave
Dave

Besides being long-run cheaper, coins are easily recognized by the blind, unlike bills. I really don't understand why anyone would defend continuing with dollar bills - they're expensive, inconvenient, and frankly ugly. The modern president-series dollar coins look MUCH better.

Phoenix Justice
Phoenix Justice

Congressman Schweikert is proposing to eliminate paper dollar bills with coins at the behest of the mining lobby.  Where does one expect all that metal to come from?

Alice in Wonderland
Alice in Wonderland

Coins are much heavier to carry than dollar bills. Try carrying around 20 in coins and feel the difference.

guest
guest

it doesn't matter in the whole scope of things. I just hope they don't put that ugly old bag, susan b. on the new ones.

teknik1200
teknik1200

1$ doesn't get you much these days, I say go for the coins.  especially if it does actually reduce costs at the printing press.

Whatever
Whatever

Since about 95% of our transactions are paperless anyway (debit, credit cards, online bill pay, etc), I have no issue getting rid of the dollar bill and replacing it with a coin.

Michelle
Michelle

 and we really need to stop minting pennies and nickels...they are obsolete

PTCGAZ
PTCGAZ

 how gives a shit about the "savings" Pennies cost more to make then they are worth.

PTCGAZ
PTCGAZ

 you must be an idiot if you can't figure out how to use a dollar bill in a vending machine.

PTCGAZ
PTCGAZ

 because they are conservatives that hate change?

personally I hate dollar coins they are too heavy.

Metal Head
Metal Head

Fish around in your pocket or purse and tell me:  How many quarters do you have in there?  Probably not more than four, on average.  Why?  Because unlike nickels and pennies, you can buy more with a quarter.  What if you had dollars coins in there instead?  I bet you would never have more than four of those at one time, either.  Ask anyone who has been to Canada or Europe if they thought it was much more convenient to have a larger denomination coin and 19 out of 20 will say yes.

I'm not sure about the rest of your post, Walter.  A piece of paper or a coin, both valued at $1, can still buy the same stuff.  If you think people who use cash only would not be able to use a dollar coin, I don't know what to tell you.

guest
guest

well, I don't expect it to come from a paper mill or ink factory, that's for sure.

WhoKnows
WhoKnows

 Why not get 4/$5, 2/$10, or 1/$20 bill, or a mix if you want to carry $20?  Do you always carry 20 singles?

maybe368
maybe368

Remember how easy it was to mistake those for quarters?

Bravesfandevotee
Bravesfandevotee

 They need too made of steel, the kind made in the U.S.A.

Alice in Wonderland
Alice in Wonderland

no, but I have put a twenty into a machine and got back about 18 in dollar coins.....way too much weight

PTCGAZ
PTCGAZ

 yup they will make them weigh more...

WhoKnows
WhoKnows

 They changes the design long ago.  Smooth edges, etc.

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