No More Paper Dollars?

The use of money is all the advantage there is in having it.
~Benjamin Franklin

Using coins for one dollars instead of paper money would reportedly save many dollars (billions if we are to believe the estimates). The money would be saved because the lifetime of a paper dollar is approximately 42 months while coins can last forever. You can still find ancient Roman coins (all over the internet!)

The super-committee charged with slashing the budget is apparently championing this move with much support from US mining interests. Not everyone is crazy about the idea - Crane & Co. supplies the paper that dollar bills are printed on and they would prefer we carry on with paper cash. The money delivery trucks also are not on board, due mainly to the weight of coins.

This possible change is being referred to as controversial. It seems that most of the controversy is based on the premise that Americans just don't like dollar coins. There is data to back this up - billions of dollar coins stored at the US mint because no one wanted to use them. I haven't seen a Susan B. Anthony dollar for a long time (or if I did, I thought it was a quarter!).

Of course if the coins in storage were reintroduced to circulation and the treasury ceased printing paper dollars, there would be no choice but to use them. The plan is being referred to as Currency Optimization, Innovation and National Savings or... yep COINS. 

Note: I wonder who will be on the new dollar coin? Will we stick with George Washington? I think we should. That way it will at least be reminiscent of the dollars we've always known and loved.

Something else I learned: Paper money with errors can be quite valuable.