Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

11/30/2012 (1 year ago)

Catholic Online (www.catholic.org)

Some say measure would save taxpayers $4.4 billion over next 30 years

They're often referred to as "wallet fillers" - pesky $1 bills that take up space in wallets and purses that in the end, don't amount to that much. A heavy wallet is nothing to brag about if it's merely 30 $1 bills crammed together. To this end, Congress is considering doing away with the one dollar bill altogether and replacing them with dollar coins. Some say it could save taxpayers $4.4 billion over the next 30 years.

Philip Diehl, former director of the Mint, said there was a huge demand for the Sacagawea dollar coin when production began in 2001, but as time wore on, people stayed with what they knew best.

Philip Diehl, former director of the Mint, said there was a huge demand for the Sacagawea dollar coin when production began in 2001, but as time wore on, people stayed with what they knew best.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

11/30/2012 (1 year ago)

Published in U.S.

Keywords: One dollar bills, the Mint, one dollar coins, study


LOS ANGELES, CA (Catholic Online) - Those who tend to vending machines have touted the use of $1 coins as they don't jam the machines, cutting down on repair costs and lost sales. The one dollar coin has proved to be problematic to many, however. In the past five years, the U.S. Mint has produced 2.4 billion Presidential $1 coins. Most wound up being stored by the Federal Reserve and production was suspended about a year ago.

Lawmakers have since begun exploring new ways for the government to save money by changing the money itself. The Mint is preparing a report for Congress showing how changes in the metal content of coins could save money.

Fifty years ago, the U.S. made the last major metallurgical changes in coins when Congress directed the Mint to remove silver from dimes and quarters and to reduce its content in half dollar coins. Congress is currently looking at new changes in response to rising prices for copper and nickel.

At a House subcommittee hearing this week, officials examined two items: Moving to less expensive combinations of metals like steel, aluminum and zinc and gradually taking dollar bills out the economy and replacing them with coins.

The GAO's Lorelei St. James told the House Financial Services panel noted that it would take several years for the benefits of switching from paper bills to dollar coins to catch up with the cost of making the change. Equipment would have to be bought or overhauled and more coins would have to be produced upfront to replace bills as they are taken out of circulation.

The savings over the long run would begin to accrue, she said, largely because a $1 coin could stay in circulation for 30 years while paper bills have to be replaced every four or five years on average.

"We continue to believe that replacing the note with a coin is likely to provide a financial benefit to the government," St. James says. She adds that such a change would work only if the note was completely eliminated and the public educated about the benefits of the switch.

One dollar coins have traditionally proved to be unpopular. Philip Diehl, former director of the Mint, said there was a huge demand for the Sacagawea dollar coin when production began in 2001, but as time wore on, people stayed with what they knew best.

"We've never bitten the bullet to remove the $1 bill as every other Western economy has done," Diehl said. "If you did, it would have the same success the Canadians have had."

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for October 2014
Peace:
That the Lord may grant peace to those parts of the world most battered by war and violence.
World Mission Day: That World Mission Day may rekindle in every believer zeal for carrying the Gospel into all the world.



Comments


More U.S.

School shooting in Washington state leaves 2 dead, five injured Watch

Image of Kids and parents react to news of the shooting.

By Catholic Online (NEWS CONSORTIUM)

A shooting has occurred at a school in Washington, in which authorities believe a bullied student shot and killed another. The shooter is also believed to be dead. LOS ANGELES, CA (Catholic Online) - A school shooting has taken place at Marysville-Pilchuck High School ... continue reading


Guns Do Not Have Rights, People Do. Legitimate Self Defense is One of Them

Image of Guns have no rights, only people do.Yes, one of them is the Right to Self Defense - and the Right to defend your neighbor. You may ask,

By Keith A. Fournier

We live in a precarious time in the United States of America. Many of us are deeply concerned about the effort to infringe upon the fundamental rights which were delineated in the Bill of Rights to the United States Constitution. I have written extensively about ... continue reading


Rest in Peace, Msgr. Lorenzo Albacete: Communion and Liberation Priest Enters Eternal Encounter Watch

Image of Msgr. Lorenzo Albacete was a leader in the ecclesial movement called Communion and Liberation. He was also a gifted writer, known for his naturally supernatural holiness of life. Those whom he touched are a living testimony to a life - and a priesthood - which was well lived. In encountering him, they encountered Jesus Christ. That experience is the very heart of the Gospel, the meaning of the Christian claim. It is the key to understanding the Church. It is the spirituality of Communion and Liberation.

By Deacon Keith A Fournier

As we pause to honor Msgr. Lorenzo Albacete, Communion and Liberation Priest, may our prayers accompany him, lighting his passage into the eternal encounter with the Lord whom he loves. Let us also ask for his prayers - and follow his example. Let us decide to ... continue reading


How far will it spread? A New York doctor has tested positive for Ebola Watch

Image of 33-year-old Craig Spencer, a member of Doctors Without Borders, had recently returned to the U.S. after treating Ebola patients in Guinea.

By Catholic Online (NEWS CONSORTIUM)

A New York doctor who had recently returned from Guinea has tested positive for Ebola, the fourth person diagnosed with the disease in the United States. LOS ANGELES, CA (Catholic Online) - Craig Spencer worked for Doctors Without Borders where he was treating ... continue reading


Same-sex couples line up to be wed in Wyoming Watch

Image of After the state formally dropped its defense of a law defining marriage as a union between one man and one woman, Jennifer Mumaugh says that attitudes across the state have shifted in recent years to be more open to gay couples.

By Catholic Online (NEWS CONSORTIUM)

Same-sex couples began lining up around the block in Wyoming for marriage licenses this week. U.S. District Judge Scott W. Skavdahl, appointed by President Barack Obama struck down the state's gay marriage ban last week. LOS ANGELES, CA (Catholic Online) - ... continue reading


Will they riot after this? Autopsy, analysis shows officer Wilson was telling the truth Watch

Image of New analysis and witness reports suggest that officer Darren Wilson was being attacked by Michael Brown and shot him in self defense.

By Catholic Online (NEWS CONSORTIUM)

New evidence from Ferguson Missouri seems to vindicate the testimony of officer Darren Wilson, showing that the fatal shooting of Michael Brown may not be as cut and dry as many of the protestors in the area believe. LOS ANGELES, CA (Catholic Online) - According to ... continue reading


Is this a sign of things to come? 2014 midterm most expensive on record Watch

Image of Early voting has already started in several states including Kansas and Illinois.

By Catholic Online (NEWS CONSORTIUM)

Well underway, the 2014 midterms are set to be the most expensive midterms ever, according to projections that the Center for Responsive Politics released on October 22. LOS ANGELES, CA (Catholic Online) - While heavily overshadowed by global affairs like the ... continue reading


ACTIVE SHOOTER - Kids, teachers, community terrorized by admin, police at Thompson Jr. HS in Bakersfield in the name of safety? Watch

Image of Terrorization in the name of safety is still terror.

By Catholic Online (NEWS CONSORTIUM)

The latest school shooting did not make the national news yesterday because allegedly it was an act of domestic terrorism perpetrated against kids and a working-class community in the name of safety. For about 30 minutes on Tuesday, students, faculty, and their parents ... continue reading


Catholic school forbids Hollywood lesbian drama from shooting on location Watch

Image of In the scene to be filmed at the school, Moore's character, a New Jersey police detective with terminal cancer, applies for a domestic partnership with her partner, played by Page in order to pass on her pension legally after her death.

By Catholic Online (NEWS CONSORTIUM)

While actresses Julianne Moore and Ellen Page are big names in filmland, their largesse didn't get them past the authorities at Salesian High School in New Rochelle, New York. The catholic school has declined their request to use their location for a ... continue reading


On the Feast of St. John Paul II, His Prophetic Warning to the U.S. Requires a Response Watch

Image of Deacon Keith Fournier standing under the beautiful bronze statue of John Paul II in Denver, Colorado.

By Deacon Keith A Fournier

In an address given during that 1976 Eucharistic Congress in Philadelphia for the bicentennial celebration of the signing of the Declaration of Independence, Cardinal Karol Wojtyla spoke some words which I believe were prophetic. - We are now standing in the face ... continue reading


All U.S. News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Ephesians 4:7-16
7 On each one of us God's favour has been bestowed in ... Read More

Psalm, Psalms 122:1-2, 3-4, 4-5
1 [Song of Ascents Of David] I rejoiced that they ... Read More

Gospel, Luke 13:1-9
1 It was just about this time that some people ... Read More

Saint of the Day

Saint of the Day for October 25th, 2014 Image

St. Daria
October 25: There is very little known about them. Chrysanthus was an ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter