American consumers have shown about as much appetite for the $1 coin as kids do their spinach (some adults too!). They may not know what's best for them either (where have we heard that before big Brother). Congressional auditors say doing away with dollar bills entirely and replacing them with dollar coins could save taxpayers some $4.4 billion over the next 30 years.
Vending machine operators have long championed the use of $1 coins because they don't jam the machines, cutting down on repair costs and lost sales. But most people I know, myself included don't seem to like carrying them. In the past five years, the U.S. Mint has produced 2.4 billion Presidential $1 coins. Most are stored by the Federal Reserve, and production was suspended about a year ago, if that tell's you anything!
Rep. Bill Huizenga, R-Mich., affirmed that Canadians have embraced their dollar coins. "I don't know anyone who would go back to the $1 and $2 bills," he said.
That sentiment was not shared by some of his fellow subcommittee members when it comes to the U.S. version. Rep. Lacy Clay, D-Mo., said men don't like carrying a bunch of coins around in their pocket or in their suits. And Rep. Carolyn Maloney, D-N.Y., said the $1 coins have proved too hard to distinguish from quarters.
Would you like to see the dollar bill replaced with a dollar coin? And didn't we try this once before withthe Susan B. Anthony dollar coin?? Remember how successful THAT was!