"COINS Act" Has anyone here heard about it?

[HR][/HR] Has anyone seen this?

Rep. David Schweikert (R-AZ), a member of the House Financial Services Committee and the Subcommittee on Domestic Monetary Policy, has introduced a bill to reduce the deficit by billions by phasing out the $1 bill. The Currency Optimization, Innovation and National Savings (COINS) Act calls for a transition from the dollar bill to the dollar coin to reduce government waste:
“At a time when we are staring down a record-breaking $1.3 trillion deficit, any commonsense measure that cuts billions needs to be given serious consideration. That is exactly what the COINS Act will do and why I am introducing it,” said Schweikert.
“Protecting taxpayer dollars has never been more critical. One area where Americans may be surprised to learn we can save money is in our currency. 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.
“Washington needs to learn to save money to save our future for our children and grandchildren. The COINS Act is a responsible way to trim our bloated deficit, and I encourage all of my colleagues to support this cost-saving legislation.”

WHAT THE COINS ACT DOES:
The COINS Act would require Federal Reserve Banks to stop issuing the $1 note 4 years after enactment of the legislation or when circulation of $1 coins exceeds 600 million annually – whichever comes first.
The Government Accountability Office (GAO) has been advocating this change for more than 20 years, and in its latest report released this March, it found that hundreds of millions of taxpayer dollars are wasted each year by the continued use of the dollar bill.
By making the switch, it is estimated that the government would save an average of $184 million a year, a conservative $5.5 billion over 30 years.

BACKGROUND:
Each year, the Bureau of Engraving and Printing produces around 4 billion $1 bills -- nearly half of all paper currency made. And each year, more than 3 billion of these dollars are pulled from circulation, shredded, and sent to landfills. That is nearly 15.2 million pounds of paper currency every year.
Not only are dollar coins recyclable, they have an average circulation of 30 years. When you do the math, a single dollar coin can do the job of up to 17 dollar bills over the course of its lifetime.

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I really wish that if they got serious about this, that they would either redesign the $2 bill, or start making a bimetallic U.S. $2 coin to aid the ammount of $1 coins needed to take the place of all of the $1 bills ouyt there. I actually read once that Congress was considering either ramping up $2 bill production (not sure about a redesign) or creating a $2 coin to introduce, around just before the time the SAC was coming out in 2000.

 

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That would be good news for those of us who like the presidential/native american series. Maybe the native american series will go back into full production and not just struck for collectors.

 

Thanks for the heads up.

Emails have been sent to my congressman and both of my senators urging their support.

 

I also just read recently where that the presidential dollars being made by act of congress are so unpopular that they go from the mint into paid storage facilities. They can't stop minting them since they were authorized by congress, but perhaps phasing out the dollar bill would facilitate their use.

 

I have NEVER seen a presidential dollar here in circulation (Louisiana). Very rarely I will come across a Sacagawea dollar either.

 

It's time to reset the entire coinage system, or else officially revalue the dollar.

I commute by bicycle when I can, and that gives me a good view of debris on the roads. It used to be common to see cents lying in the road at intersections. They're still there, but it's more common now to see nickels, dimes, and even quarters.

We can argue all we want about inflation or lack thereof, prices of consumer goods, and so forth. But I can vouch from personal experience that the price of "not worth picking up" has gone up sharply in the last few years.

Reset everything by a factor of ten. Coins for .10, .50, 1.00, 2.50 or 5.00, and 10.00. Bills for $20, 50, 100, 200, 500, and 1000.

 

FYI: Native American Dollars have never been "just struck for collectors". The mintage in 2009 was over 70 million and 2010 over 80 million. The Sacagawea Dollar (eagle reverse) design from 2000-2008 was struck in smaller numbers for collectors for years 2002-2008 (< 8 million each year). In 2000, nearly 1.3 BILLION Sacagawea dollars were struck...where the heck are these now??

This is a welcome bill, and I hope it passes. Then the millions and millions of Sac/Native American and Presidential dollars sitting in vaults right now would be released.

 

-JeffB,

Please, no $2.50 coin. Just a $2 coin. I never have, and never will like the idea of the "Quarter Eagle" because a $2.50 denomination is just too odd for me. Especially since it has both a dollar amount and a change amount. Just like when I mentioned bringing back larger bills to my neighbor and he mentioned a $250 bill, and I told him "No, no, no. If anything, a $200 bill" For some reason, I really don't oppose a $25 bill too much, but I still prefer an even $20 bill by far. And I would prefer a 20 cent coin over a quarter dollar coin as well, however, I am used to the quarter, so I have no problem with it. But that is not to say I would not was to switch to a fifth dollar..

 

Great idea! But I wouldn't feel comfortable walking around in a big city with a $500.00 or $1000.00 bill in my pocket, just saying. Still though, higher value coins should be in circulation. I'm sure all the bill hoarders(including me) would get those $1, $5, and $10 dollar bills out of circulation before the government gets a chance.

 

Don't mean to double post but, I have a request to those writing to their Congressmen.

PLEASE TELL THEM TO ADVOCATE SOMETHING DONE WITH THE $2 DENMOINATION TO HELP THE DOLLAR COIN SUCCEED!!!

Note: That was not me yelling. I was just expressing how imprortant a new $2 bill or even better, a $2 coin could be to help the dollar coin succeed. Supposedly we still need many millions (or was it billions?) of dollar coins minted before we can eliminate the $1 bill. Why not cut that number in half and speed up that process with more $2 bills or $2 coins?

 

I would be fine with a $500 or $1,000 bill on me anywhere, because people do not have to know about it, unless you whip it out when you spend it. But then, its gone, so no more risk.

Also gecko, you are going to hoard all of those $1, $5, and $10 bills? What, are you going to leave all of those $2 bills behind for meeeee?! :devil:

 

I would love to see $1 and $2 coins with the smallest bill being the $5...but I don't think it's going to happen. It's one thing for a Congressman (1 of 435) to introduce a bill, it's a completely different thing for it to pass. Remember, getting rid of the $1 bill is not popular among the majority of Americans. Congressmen don't like voting for unpopular bills because it upsets the populus and makes it hard to get reelected. So, when an unpopular issue is raised (and this is)...and it really isn't a huge issue (which also this is)...it gets defeated.

 

Also people should note bills like this have been introduced nearly every sessions since the late 70's and rarely get more than token support. One would think the party in charge of the House who talk so much about cutting spending would be for it, but sadly rarely are.

 

I had not heard about this by I am doing a happy dance all across the room since its about time Congress took their heads out of the Federal Reserve Banks behinds and actually started thinking about WHY a Dollar Coin exists in the first place!

 

Lots and lots and lots of letters from constituents urging support for the bill couldn't hurt, and like chicken soup, might actually help. Anyone interested can PM me for a copy of my letters to my Congressman and Senators!

I didn't, because IMHO that's a separate basis of public distaste, and including it would just increase the likelihood of opposition.

 

I wouldn't get your hopes up too high Lyds because medoraman is right.

 

To do the most good in your email you should tell them the H.R. number

 

all I know is that it won't pass because it the idea makes too much sense. Always has made sense and has never passed before.

It's a pipe dream for us coin collectors and that's why we get all excited every time they introduce it

 

Let's take down one mountain at a time. Change happens slowly. getting one done is easier than getting two done, but once the one is done, the other is much easier. If that makes sense