One Dollar Coins Would Save $4.4 Billion
Canada removed all of its $1 bills from circulation a number of years ago and replaced them with coins known as loonies, which depict an image of a loon. They were so favorably received that they eventually stopped using two dollar bills and switched to toonies. In addition to having amusing names, a design like this has a clear cost advantage.
It has been calculated that the US would save around $4.4 billion over 30 years only in the cost of creating paper money if it stopped using dollar bills and switched to coins instead. Coins are simply more sturdy and endure longer. What is the problem then? Nobody enjoys them.
One dollar coins are difficult to sell in America for a variety of reasons. They do exist, and at the moment, more than half of them are merely stowed away in government safes. However, people favor paper money. People will easily adjust to the coinage if you don't offer them a choice, as Canada and other nations have demonstrated, but that step hasn't yet been done.
