Letter: Clinging to dollar bill
In his recent piece, “Shortchanging dollar coin” on April 7, editor Tim Blagg is exactly right about America’s clinging to the one dollar bill — we’re far behind the rest of the world, and will continue to lose out on billions in savings unless we transition from the dollar bill to the dollar coin. We stand arm in arm with Botswana and Argentina with having the lowest value paper currency.
Mr. Blagg is not alone in his frustration with our outdated currency. According to a poll by the Wall Street Journal, 60 percent of Americans support eliminating the dollar bill in favor of the dollar coin. The coin also has the support of numerous budget watchdogs, including the Government Accountability Office (GAO), editorial boards from across the country and members of Congress from across both sides of the aisle.
This past year, a former Treasury Department economist found that transitioning to the coin would save taxpayers at least $13.8 billion. This follows 10 recommendations from the GAO to Congress, advocating for the coin as an effective savings measure.
The dollar coin offers a popular, common sense solution that would save money without raising a single tax or cutting a single program. Americans won’t miss their dollar bills when they realize they’ve been missing out on billions in savings.