$1 Billion Dollars IN COINS Nobody Wants?

$ 1 BILLION DOLLARS IN COINS NOBODY WANTS?

Coins Costing Taxpayers?

Federal government mints coins that nobody uses.

Before Rep. Schweikert introduced a bill it would have been a wise move to investigate the history of dollar bills and the usage of coins. Dollar coins are now being minted and they going begging no one wants to use them. It's costing the government billions to store and mint them. It's impractical to carry coins, they are heavy, wallets are made for paper money. It takes more room to store them for banks and the  US Mint. Not a good idea a waste of Congressman's time with other issues that are more important to reduce the deficit. i.e. Cut Foreign Aid, Stop Pork Bill Projects for special interest groups, review and revamp the departments that are overpaying for products and supplies. be###

REP. SCHWEIKERT INTRODUCES ‘COINS ACT’ TO SAVE
TAXPAYERS BILLIONS
Washington, D.C. – Rep. David Schweikert (R-AZ), a member of the House Financial Services Committee and the Subcommittee on Domestic Monetary Policy, today introduced a bill to reduce the deficit by billions by phasing out the $1 bill. The Currency Optimization, Innovation and National Savings (COINS) Act calls for a transition from the dollar bill to the dollar coin to reduce government waste: “At a time when we are staring down a record-breaking $1.3 trillion deficit, any commonsense measure that cuts billions needs to be given serious consideration. That is exactly what the COINS Act will do and why I am introducing it,” said Schweikert. “Protecting taxpayer dollars has never been more critical. One area where Americans may be surprised to learn we can save money is in our currency. By making this transition from a dollar bill to a dollar coin, theU.S. will save $184 million a year and nearly $6 billion over 30 years.“Washington needs to learn to save money to save our future for our children and grandchildren. The COINS Act is a responsible way to trim our bloated deficit, and I encourage all of my colleagues to support this cost-saving legislation.”
WHAT THE COINS ACT DOES:
The COINS Act would require Federal Reserve Banks to stop issuing the $1 note 4 years after enactment of the legislation or when circulation of $1 coins exceeds 600 million annually – whichever comes first.The Government Accountability Office (GAO) has been advocating this change for more than 20 years,and in its latest report released this March, it found that hundreds of millions of taxpayer dollars are wasted each year by the continued use of the dollar bill.By making the switch, it is estimated that the government would save an average of $184 million a year, a
conservative $5.5 billion over 30 years.
BACKGROUND:
Each year, the Bureau of Engraving and Printing produces around 4 billion $1 bills -- nearly half of all paper currency made. And each year, more than 3 billion of these dollars are pulled from circulation,shredded, and sent to landfills. That is nearly 15.2 million pounds of paper currency every year.Not only are dollar coins recyclable, they have an average circulation of 30 years. When you do the math, a single dollar coin can do the job of up to 17 dollar bills over the course of its lifetime.
###

UNBELIEVABLE..GOVERNMENT WASTE

ABC News: Diane Sawyer