US Getting Rid of The Dollar Bill – Will Save The Government 5.5 Billion

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The dollar bill’s days may be numbered.

If you did not know – the United States is in the middle of a recession 🙁

Well one real solution is getting rid of the dollar bill all together and replacing it with a dollar coin ( hasn’t that been done before to some extent…) but I digress – it is thought that it could save the US government over 5.5 billion dollars over the next 30 years. Hmm… does not sound to shabby.

It is thought that the phasing out dollar bills in favor of coins would require a four-year transition period, during which the government invests in the new currency, but following that, the government would save an expected $522 million each year from the change. What do you think about that? Personality if the figures are correct I agree with the phasing out…. but I rather get rid of those darn pennies. A penniless world does not seem to bad either – I wonder why they do not think about phasing that out as well.

It has been noted that in past reports that efforts to increase the circulation and public acceptance of the $1 coin have not succeeded, in part, because the $1 note has remained in circulation – this time it sounds like we will not have such an option.

Though it has been proposed to break up with the dollar bill in the past – it never happened – but the climate in Washington DC is one of reducing expenses as much as possible – so time will tell.

Still, we’d like to pose the question to Budget Savvy Diva readers. Would you be willing to eliminate dollar bills and switch to coins if it meant improving the country’s balance sheet?


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  • christina

    I agree with you! If that number is correct, absolutely! I hardly every carry cash anymore anyway! I wonder why it is that items can’t be priced at even price points so we could phase out all, or most, change!

  • Beverly C

    I’m good with getting rid of the dollar bill. We have spent some time with our older daughter who lives in the UK with coins worth 1 and 2 pounds, and quickly grew to love them. It’s really not hard to get used to, plus the mint is required to make a certain number of dollar coins every year that are just being warehoused (millions if not billions of them)- let’s use those babies. (Although they should have made them a different size – pound coins are smaller and thicker, so you can feel the difference right away, and the 2 pound coins are bimetal, so easy to see the silver center and gold colored ring) Coins last and survive the washer much better. 🙂

  • Robyn

    Coins can be too easy to drop and lose. But on a plus side. if you are like me and drop your coins at the end of the day into a jug, that savings would add up quickly.
    (on a side note about saving coins at the end of day), It took a while, but that was how I was able to save enough for a down payment on my house……..(the bank teller was not happy when I show up with a box of rolled coins……yes I rolled them myself, didn’t want to pay the coinstar fee)

  • Lauralee Hensley

    Well, since most of the paper money in the U.S. has traces of Cocaine on it or other chemicals snorted up the noses of those wanting to harm their own minds. I wouldn’t object to a dollar coin.

    • mike

      in canada we put our dollar coin between our teeth and they grab it with their breasts.. hehe its funner than paper money cause they gatta reach deeper since its so small,, LOVE THE COIN!

  • c jayy

    well i really dont understand how that will work. it will take years to get rid of every dollar bill. and it will be much more hassle counting coins and carrying them around then carrying paper. but im only 16 what do i know. money is root to all evil. (i think so) theres really no way to fix this recession. if they put out more money a year then the dollar will loose its value. if they take away the value of the dollar bill and change it to coins then people all over america will have to struggle to get the new income. all we know is dollars.

  • Jerry

    Get rid of the dollar bill. We’ve had dollar coins for years, but will not use them until we get rid of the bills. In Europe thay have one and three Euro coins. WEhile we’re at it, let’s get rid of the $5 bill as well in favor of a coin. Things have gone up by a factor of 10 in 50 years. We didn’t have 10 cent and 50 cent bills back then. The $10 bill should be the lowest denomination.