Congress Looks At Doing Away With $1 Bill In Favor Of Coin
by Emily Luxen
NASHVILLE - Congress is considering getting rid of dollar bills for $1 coins to save money, and the possibility has people talking.
Congressional auditors said doing away with dollar bills entirely and replacing them with dollar coins could save taxpayers $4.4 billion over the next 30 years.
Most people don't seem to like carrying the coins. National polls show most Americans do not support the idea. However, some local entrepreneurs disagree.
Street musicians who play for tips on Broadway in downtown Nashville say people are more inclined to drop coins in a tip jar than paper money.
"I'm more of an old school person, so coins work for me," said the musician known as"Mandolin Mike." "At the end of the day, all those coins add up whether they're quarters, dollars, what have you."
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.
"I think it makes perfect sense," said Joe Keller, the Office Manager at Van Vending Service in Hendersonville. "We spend the majority of the time with service calls, unjamming dollars out of machines. Coins go right through."
A final decision on the matter could still be years off. The Mint will deliver its report to Congress in December where the details of the plan will be revealed.
This is the 6th time the Government Accountability Office has reviewed this issue in the last 22 years. Several bills have also been presented in Congress to eliminate the penny, but all failed.