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News Summary: Congress weighs dumping the $1 bill

News Summary: Congress taking new look at doing away with $1 bill in favor of dollar coins

Associated Press

DO DOLLAR COINS MAKE MORE SENSE?: Congress is taking another look at doing away with dollar bills in favor of dollar coins. Congressional auditors say it could save taxpayers some $4.4 billion over the next 30 years.

THE ADVOCATES: Vending machine operators like $1 coins because they don't jam the machines. Backers say a $1 coin could stay in circulation for 30 years while paper bills must be replaced every four or five years on average. Canadians like their $1 coin dubbed the "Loonie" so much that the country added a $2 coin called the "Toonie."

THE CRITICS: There was a huge demand for the Sacagawea dollar coin when production began in 2001, but it faded as time wore on. Men reportedly don't like carrying a bunch of coins in their suit pockets. Others say the $1 coins have proved too hard to distinguish from quarters.

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