The first dollar bill was issued in 1862 over 100 years ago could the dollar bill eventually be non-existent. According to US News it could. The government is taking serious consideration into changing the dollar bill to a dollar coin. Claiming this could save 4.4 billion dollars over 30 years.
At first I thought that does not make sense, a dollar is still a dollar. None the less I continued reading the article. Switching the dollar bill to a dollar coin would save 4.4 billion due to life span of each piece. The dollar bills average life span is 4.7 years where as the coin last at least 30. This could change the economy. Imagine if the government did not have to reprint millions of dollars every 4.7 years. There are draw backs however; dollar bills are much more convenient to carry than coins. But, people tend to save change so the one dollar coin will go to a "piggy bank" rather than a soda, we do not need.
Other draw backs would be the transition period, making all the coins to start circulating the economy would be very costly. But eventually, the savings would outweigh the transition costs. If the US did switch to one dollar coins we would have a currency system similar to Europe and Canada.
I think it’s a great idea for the government to make the switch. President Obama did well at pulling us out of the recession; however it did put the US economy in some pretty high debt. I feel at this point in time we should try something new to stimulate some profit in the US banking systems.
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