Government Accountablity Office Wants To Get Rid Of The $1 Bill
JACKSONVILLE, Fla. -- Never again would people have to struggle to get the vending machine to accept crumpled bills. If it were up to the U.S. Government Accountability Office, people would
never see a $1 bill again.
The U.S. Government Accountability Office is a congressional watchdog group, and its new study says if the government switched completely to $1 coins, it would save more than $5 billion over the next 30 years. The reason: It costs more money to make paper money.
It costs a little less than 3 cents to produce the $1 bill, but that $1 bill only lasts a little more than three years. On the other hand, it costs about 15 cents to produce the $1 coin, but the coin could last as many as 30 years.
Dollar bills are taken out of circulation after only 40 months and replaced.
At this point the watchdog group is just proposing this idea. Only time will tell if it actually happens
JACKSONVILLE, Fla. -- Never again would people have to struggle to get the vending machine to accept crumpled bills. If it were up to the U.S. Government Accountability Office, people would
never see a $1 bill again.
The U.S. Government Accountability Office is a congressional watchdog group, and its new study says if the government switched completely to $1 coins, it would save more than $5 billion over the next 30 years. The reason: It costs more money to make paper money.
It costs a little less than 3 cents to produce the $1 bill, but that $1 bill only lasts a little more than three years. On the other hand, it costs about 15 cents to produce the $1 coin, but the coin could last as many as 30 years.
Dollar bills are taken out of circulation after only 40 months and replaced.
At this point the watchdog group is just proposing this idea. Only time will tell if it actually happens
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