This is something I have always wondered? Many countries around the world have gotten rid of the dollar bill. Also, several countries have also gotten rid of the penny. Countries like Australia, New Zealand, and even Canada have phased out the dollar bill and the penny from their currency circulation. And I believe the Untied States should be next!
Let’s start with the $1 dollar bill. Right now, it costs only 5 cents to produce a $1 bill and 18 cents to produce a $1 coin. But here is the big difference, the lifespan of a $1 bill is much shorter, 4.8 years compared to 30 years with a dollar coin. The Dollar Coin Alliance is a group of small businesses, mass transit agencies and others who support transitioning to the one dollar coin. And I can see why they are supporting the switch. Replacing the $1 bill with a $1 coin would save hundreds of millions of dollars annually.
If the $1 dollar bill does get cut out and gets replaced with a dollar coin, which it should be. Why not make the $2 bill the lowest paper domination? Yes, the United States does have a $2 bill. Although, some people believes the $2 bill is fake, the $2 bill is real currency. The $2 bill could replace the empty $1 bill slot in those cash registers. But where will the $1 coin go? I have got the solution! Kill the penny!
The penny has become almost useless in today’s society. In 2012, it costed the US Mint two cents to make the penny. That means the penny costed $436 million to U.S. taxpayers. Many countries around the world like Canada, Australia, and New Zealand have abolished the penny and all prices are rounded up to the nearest five cents. The days of the 99 cent store will be gone for good! And for states like Alabama who relies heavily on the sales tax, well let’s just say those taxes will have to change.
The United States Government is broke and something needs to be done to start reducing the deficit. A good place to start is by abolishing the $1 bill and the penny. Most of the world has already done it, America needs to get on the ball!
Related articles
- Editorial: Do away with the dollar bill (denverpost.com)
- Gaining currency: One-cent coin gets some new uses, but you can’t melt it down (canada.com)
