Replacing the $1 bill with a $1 coin would save the US over $184 million per year
The Obama Administration cancelled the Presidential $1 Coin program in December. The reason, they say, is to save the taxpayer money. The Dollar Coin Alliance, which is a group of small business owners and budget watchers, has called Obama out on the issue. In fact, the program would have saved the taxpayer money.
A study shows that the continued production of the $1 bill instead of the $1 coin has an opportunity cost for taxpayers of least $5.5 billion over 30 years. The Presidential $1 Coin program would reduce the federal deficit by $300 million each year! The nonpartisan Government Accountability Office has been advocating the change for 20 years. The US is one of the few countries in the world that has not eliminated the equivalent of the $1 note.