The Government Accountability Office (GAO) says the U.S. government could realize 4.4 billion benefit over 30 years simply by replacing $1 paper bills with $1 coins, like the ones Americans have been refusing to use for over 30 years.
Since 1979, the U.S. mint has produced 3 versions of dollar coins, only one of which -- the 2013 Native American $1 coin -- is still being minted for circulation today.
When the Mint halted production of the presidential $1 coins in 2011, Vice President Joe Biden summed up the past and probable future of $1 coins, correctly stating, "Nobody wants to use them."
But all of those dollar coins were issued in addition to paper dollar bills. Carrying and spending the dollar coins was optional. The GAO's proposal would change that.
The GAO report, Benefits and Considerations for Replacing the $1 Note with a $1 Coin, bases the estimated $4.4 billion benefit to the government on replacing, rather than supplementing, the paper dollar bill with $1 coins. That's right. No more U.S. $1 bills.