DCA News & Resources
Press Release: Congress Misses Opportunity to Address Significant Budget Savings Benefits of Dollar Coin
Congress Misses Opportunity to Address Significant Budget Savings Benefits of Dollar Coin
WASHINGTON, DC (June 11, 2014) – Earlier today, the House Financial Services Subcommittee held a hearing to discuss the usefulness of coins and currency in everyday business and their distribution and circulation through the economy. While the hearing focused on eliminating inefficiencies in currency production, lawmakers missed the opportunity to consider the significant budget savings available to taxpayers from circulation of the dollar coin.
A report released last year by a former Treasury Department economist estimated that modernizing to the dollar coin would save taxpayers at least $13.8 billion. The dollar coin, recyclable after 30 years of use, far outlives its wasteful counterpart. In fact, a single dollar coin will replace up to 17 one-dollar bills during its lifetime.
“Replacing the dollar bill with a more sustainable, economical coin is far overdue for American taxpayers,” said Shawn Smeallie, of the Dollar Coin Alliance. “Congress needs to take advantage of the dollar coin as a way to reduce the deficit and realize significant savings benefits for taxpayers.”
Contrary to popular belief – a majority of Americans support a transition to the dollar coin as a way to reduce the deficit. Data released by the Treasury Department earlier this year further bolsters this point, indicating that a majority of coins are currently in circulation and in use by the American public.
“Americans support a transition to the coin because it makes sense,” says Smeallie. “The fact is, we’re behind the rest of the world. The United States stands among Botswana and Argentina with such a low denomination paper currency.”
The dollar coin has the support of lawmakers in both chambers of Congress, numerous budget watchdogs, including the Domenici Rivlin Debt Reduction Task Force, former directors of the U.S. Mint and editorial boards across the country have all recommended modernizing our currency to the dollar coin in light of significant budget savings.
About The Dollar Coin Alliance
The Dollar Coin Alliance is a coalition of small businesses, budget watchdogs, transit agencies, and labor groups dedicated to saving American taxpayers billions of dollars by transitioning to a one-dollar coin, and focused on educating taxpayers and policy-makers about the benefits of increasing dollar coin circulation. For more information, or to get involved, please visit www.DollarCoinAlliance.org.
Contact: Bryan DeAngelis