The Government Accountability Office (GAO) continues to recommend the elimination of the $1 bill and transition to the $1 coin. The report indicates that eliminating the $1 note would save the country $4.4 billion over a 30-year period, or $146 million per year. Today’s report marked the sixth statement by GAO in favor of switching to $1 coins. Its five previous reports, published in 1990, 1993, 1995, 2000 and 2011, indicate savings of anywhere from $184 million to $522 million per year.
Most of the cost savings associated with coins comes from their comparative durability. The Bureau of Engraving and Printing produces approximately 3.4 billion $1 bills each year, each of which costs 4.2 cents to manufacture and lasts 40 months. By comparison, the $1 coin costs between 12 and 20 cents but has a lifespan of 30 years or more. The $1 coin also saves money because it is cheaper to handle and process.
No comments:
Post a Comment