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(Image from article: "Replacing $1 bill with coin could save $5.6 billion")

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Replacing $1 bill with coin could save $5.6 billion

Replacing $1 bill with coin could save $5.6 billion

A proposal to phase out the $1 bill and replace it with a $1 coin could be gaining currency as the "supercommittee" looks to find ways to save the government money... The move to a coin would cost money in the short term, but eventually save money because paper currency lasts about 42 months — while coins theoretically last forever. Moving to a coin could save $5.6 billion over 30 years, according to the Government Accountability Office.

Senh: It's over 30 years, though - so, very roughly $200M/year if we round it up to $6B in savings. That's not bad. It just means more coins in my pocket now. I didn't know paper money only lasts about 3.5 years. What do people do with worn out money? Do they just go to the bank and exchange it for new ones?

 

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