05 Mar '11, 1am

Ditching the US one-dollar bill in favour of a dollar coin would actually save the US govt over US$5b: Study

WASHINGTON - THE US government could net over US$5 billion (S$6.33 billion) by scrapping the one dollar bill and replacing it with a coin equivalent, an official study published on Friday claimed. 'Replacing the US$1 note with a US$1 coin could save the government approximately $5.5 billion over 30 years,' the Government Accountability Office, a congressional watchdog, said in a new report. Introducing new coins would actually cost the government cash in the first four years, mostly in minting costs, but after that Washington would make a mint. According to the GAO about US$184 million would be made on average every year thanks to seigniorage - the government pocketing the difference between the face value of the new coins and their production cost. But the government would also face a raft of technical and political hurdles to make the project work. The one dollar coin in...

Full article: http://www.straitstimes.com/BreakingNews/TechandScience/S...

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