Saving The Dollar Bill PDF Print E-mail
Written by NAPSI   
Sunday, 25 March 2012 08:32

Washington, DC (NAPSI) - An increasing number of Americans have found a new way to save a dollar or, at any rate, to save the dollar bill.

At Issue

That’s because they’re asking legislators to oppose the effort to take the dollar bill out of circulation and replace it with a dollar coin.

The dollar bill’s supporters say such a switch would not only eliminate an American icon, it would cost businesses money. According to the experts at the economics research firm John Dunham & Associates, getting rid of the dollar bill would cost businesses about $200 million a year and lead to more than 4,000 job losses—and that doesn’t even include additional capital expenses such as new cash registers, change-counting machines, cash drawers, larger safes and so on. There will also be costs to banks, money transfer companies and other financial firms.

The Expert’s Opinion

“Essentially, this would be a tax increase on businesses from coast to coast,” explained John Dunham. “Americans are already struggling with a poor economy, and forcibly removing the dollar bill from circulation for a dollar coin will only exacerbate these problems for business owners.”

The Government Report

A Government Accountability Office (GAO) report appears to agree. It indicates “the cost of producing coins for a full replacement is never fully recovered during the 30-year analysis.” Even without considering the cost of producing, transferring, distributing, storing and managing dollar coins, the GAO estimate shows that the dollar coin would actually be a net cost to the government for at least the first 10 years.

The People’s Preference

The potential switch is also unpopular. According to a study by Luntz Global, 97 percent of Americans believe the dollar bill is more convenient than the dollar coin.

What Some People Are Doing

Americans for George-a group of like-minded individuals, businesses and organizations seeking to ensure that the citizens of the United States maintain the ability to choose their preferred currency-has a number of ideas about how to save the dollar bill.

What You Can Do

To get more facts, sign a petition or learn about additional steps you can take, visit www.AmericansforGeorge.org.