Every once and a while, someone introduces a bill to either kill the penny or kill the dollar bill. The one to kill the dollar bill is known as the Currency Optimization, Innovation and National Savings (COINS) Act and it’s made an appearance several times now, most recently this June. Senate Bill 1105  proposed to slowly transition away from the $1 bill in favor of the $1 coin. It’s estimated that the move would save $5.5 billion over 30 years, which sounds like a lot but it isn’t. US Federal spending for the 2012 fiscal year is $3.5 trillion. It is, however, still a savings and honestly I prefer $1 coins to $1 bills.
The problem is that they try this all the time and it never gets out of committee. In 2011 it was introduced, with the same name, and never left committee (House Version , Senate Version ). Each had a handful of co-sponsors, was introduced again by the same Senator (Harkin, Democrat from Iowa), and who knows if it’ll make it out. I’m not hopeful.
Do you want to phase out the $1 bill in favor of a $1 coin?