COINS? NO WAY!!

Typically, legislation presented by our fine Congressman David Schweikert (R-AZ) gathers almost instantaneous praise from his conservative supporters.

However, he has put his reputation as an expert “numbers guy” in Washington at risk by introducing the Currency Optimization, Innovation and National Savings Act, or COINS.

The COINS legislation calls for an end of $1 paper bill production in order to increase the circulation of a $1 coin. Schweikert touts this as an investment that will save big bucks for the government in a few decades, But this just isn’t the case. It will not save money. The Congressman failed to mention that the government would actually lose money during the first four years of implementation, and that if Americans reject the $1 coin (as they have before- think Susan B. Anthony, Sacagawea, etc.), those losses will likely never be regained.

There has been a $1 presidential coin in circulation for several years, and it has been rejected by the American people so much so that there is an estimated $1 billion worth of them sitting in the Federal Reserve’s vaults.

In addition to Schweikert’s efforts, talk about COINS has been circulating within Congress’ new Super Committee as a potential money saver for the federal government. For now, the conversations about $1 coins are rudimentary; hopefully it will stay this way.

It is painful to imagine the Super Committee spending any time debating $1bills vs. $1 coins. And it would be disappointing if the organization charged with immediate deficit reduction for the country would give this serious consideration. The fact is coins are not a money saver.

The American people have made it clear time and time again how strongly they feel against the implementation of $1 coins. Congressman Schweikert and The Super Committee should take note.

Congressman Schweikert – we appreciate the effort, but this proposal is a stinker.


Comments

  1. Frankly Speaking says

    Completely agree. It’s time we start looking at real solutions to our spending woes. This isn’t one of them.

  2. I’d like to know if Congressman Schweikert is okay with a stack of change in his pocket at all times. Ridiculous proposal that I hope is not getting traction in Washington

  3. hotflasholly says

    What a silly thing for Congress to be considering….can you imagine carrying around a pocket full of dollar coins…the only winner would be a maker of the mens purse since that is all that can hold coins

  4. PearceBOT5000 says

    Lots of small savings add up to big savings. People are in the *habit* of using one-dollar bills. If dollar bills are unavailable, what choice will people have? They’ll have to use dollar coins. I commend congressman Schweikert for his long-term thinking on dollar coins. It just makes good “cents”!

  5. Even the really good ones take the occasional flyer into Never, Never Land.
    Elaine

  6. Well… You’re on the side of the late Ted Kennedy. He scotched previous dollar coin attempts because the sole provider of the cotton-based paper used for US currency is based in… Massachusetts.

    If you eliminate the paper dollar as they did in Canada and replace it with a coin, you will eventually save the US government a considerable sum of money. Coins typically last at least 30 years. Just look in your pocket. I bet you find at least one coin from the 1980s. Try doing that with a dollar bill, which typically lasts no more than 18 months before being retired from circulation. The savings for not having to print and re-print dollar bills, not to mention the man-hours to bundle, destroy and replace those bills will be significant.

    A dollar coin would also make vending machine and public transit transactions much simpler; thus saving consumers some time and effort.

    Yes, the current dollar coins are not popular because people are used to dollar bills. But since bills are a wasteful and ineffective government-provided product, they should be retired. Schweikert is right.

  7. This is a stupid idea that has been around for years. All this will have the effect of doing is essentially devaluing a dollar coin.

  8. This is common sense idea the saves money without cutting a single program or raising a single tax. Whatever side of the aisle you are on, it makes sense. The GAO has actually looked at this issue on several occasions since 1990, and though their estimates have ranged from the current $184 million per year to $522 million per year, their recommendation remains the same. Eliminating the $1 bill will save the taxpayers money.

  9. True Conservative says

    A million here, a million there …

    I’m not opposed to ANY cost saving act. People reject the coin because we have a paper alternative. Let’s just do what makes the most economic sense and quit coddling people.

  10. obamanation says

    Dumb, dumb, dumb. But people will get used to the new coinage! Really—- I especially like how people have been buying rolls of $1 coins from the US Mint for “circulation” purposes which they turn around and then return to the bank. They get free airline miles, which we as taxpayers pay for….

  11. Finally a conservative proposal from a real thinker. Not another talking head. Mi say, le the math stand for itself!

  12. Average Joe says

    I’ve used dollar coins for years. I get them at the bank when I run out. They are great for tips at the airport or in a hotel. It may not save billions, but there is savings involved. It will add up. Let’s do it.

  13. MikeFranks says

    Finally, someone looking for common sense solutions that save taxpayers!

  14. Out of the box thinking is in vogue.

    I’d be especially willing to entertain this idea if it ended the TSA. Imagine trying to go through the airport with all the coins in your pocket.

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