In the House Of Representatives, there is a movement to replace the traditional $1 bill with metal coins. While I like the idea of winging strippers with chunky coins, it's just not practical...The Currency Optimization, Innovation and National Savings (COINS) Act (how clever) last week, which would require the Federal Reserve Banks to end production of the $1 paper currency within four years of passage.
The nonpartisan Government Accountability Office found that replacing paper money with coins would save the federal government $5.5 billion over the next three decades, but there's a counter-bill to keep that from happening. The Currency Efficiency Act is aimed at preserving the paper dollar bill due to lack of demand for the coin. In fact, there are over $1 billion worth of extra $1 coins sitting idle in vaults, set to double over the next several years.
Let's not get too political, but it should be mentioned that Crane & Co, the company contracted to supply the paper used to make American currency, is based in Massachusetts, where the bi-partisan paper currency measure's authors are also from.
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