Doing Away With $1 Bill Could Save Taxpayers Big Bucks

WASHINGTON (November 30, 2012)--Americans have shown about as much appetite for the $1 coin as children do for spinach, but
Congressional auditors say doing away with dollar bills entirely and replacing them with dollar coins could save taxpayers $4.4 billion over the next 30 years.

Vending machine operators have long championed the use of $1 coins because they don't jam the machines, cutting down on repair costs and lost sales.

But most people don't seem to like carrying the coins.

In the past five years, the U.S. Mint has produced 2.4 billion Presidential $1 coins, but most are in storage, and production was suspended about a year ago.

Lawmakers are also exploring how the Mint could use different metals to reduce the cost of making coins.

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