It may be a good time to invest in steel, aluminum, and zinc, as congressional auditors tell a budget-conscious Congress that cutting dollar bills and replacing them with coins could save taxpayers some $4.4 billion over 30 years, the Associated Press reports.
But the coin has its opponents. Representatives Lacy Clay (D-MO) and Carolyn Maloney (D-NY) say coins would inconvenience citizens, causing problems from simple confusion to being uncomfortable to carry.
"If the people don't want it and they don't want to use it, why in the world are we even talking about changing it?" Maloney said, according to the AP.
For five years, the Mint produced Presidential $1 coins, totaling about $2.4 billion. But the coins didn't catch on, and a large portion wound up in Federal Reserve hands. Production ceased last year, the AP reports.
Congress is also mulling changes to coins like pennies and nickels as prices for copper and silver rise. Representative Steve Stivers (R-OH) suggest the government move to multiplated steel, saving taxpayers $200 million a year, the AP reports. The penny and nickel both cost more to produce than they're worth.Via the Associated Press