Do Away With The Dollar Bill?

For the life of me, I cannot figure out who wrote this article in the LA Times, "Dollar coin? It's time" but I found it to be so interesting that I'll take a leap and write about it. According to this anonymous source, whom I suppose would then lose all credentials and accountability, members of Congress are discussing phasing out the dollar bill and bringing in the dollar coin, and Richard Simon of the LA Times concurs. By the title of the article, you'd probably gather that the Anonymous writer would be in support of such a measure, and you'd be correct. The article is written with the feeling that the writer is under the assumption that everyone agrees with them. Well, I don't.

Of course, dollar coins already exist here in the states, but as one commenter on the article stated, "I don't much care for any coins, when ever I have any I throw them in a bucket by my desk at home." I cannot imagine the coin replacing the dollar bill. I, personally, carry around plenty of ones from either accumulation or because I use them more than other bills. Coins are heavy and annoying, but for the most part, useful for their purpose: small change. Though, If one were to argue for the phasing out of the penny, as this writer did, I'd be in support of such a change. The writer also mentioned phasing out the nickel, which I could not imagine being a great idea. The reasoning behind Congress members considering these options in the first place is not because of convenience, but because the penny, nickel, and dollar all cost more to make than they’re worth. Pennies and nickels are easy to see, because the materials are more expensive than they’re worth, but I was unaware of the cost of making dollar bills. According to our anonymous source, a dollar bill lasts all of about 3 years, whereas a coin will last up to 30 years. With all the time saved in between production rates, we could save $5.5 billion. I have absolutely no idea where this writer got that data.

I don’t believe a phasing out of the dollar bill would even work. There are too many people in this country as like-minded as I am: coins are too heavy, and I use the dollar bill too often to switch. Australia and Europe are using dollar coins, and it works for them, but I still cannot give it up. The coin slot in my wallet can only hold so much.