Scrapping $1 coins to save money? huh?
This morning an article bubbled up to the top of my RSS reader. The article, from the team at Planet Money, reports that the US Government plans to scrap their $1 coin, citing cost savings of $50 million a year for doing so.
the White House said it will end the program. A small number of dollar coins will continue to be minted for collectors, but the coins will no longer be put into circulation. The shift will save an estimated $50 million a year.
That may seem all well and wonderful. The US taxpayer should be happy. But if cost savings were really the guiding principle at hand then surely the scrapping to the $1 bill would be more beneficial.
As Coin News reported Rep. David Schweikert of Arizona
By making this transition from a dollar bill to a dollar coin, the U.S. will save $184 million a year and nearly $6 billion over 30 years.
I don’t know in what universe $50 million is greater than $184 million but it seems to be one the US Government likes to work in.
But if the government truly wanted to save money (when it comes to currency) they could scrap pennies and nickels.
I would propose a currency system
Coins
10c 20c 50c $1 $5
Notes
$10 $20 $50 $100
Barak Obama came to power on a platform of change, isn’t it time the US took up the challenge and introduced new change.
