A response to increasing cyberattacks and wasteful spending: The Coins Act

In the wake of the devastating Equifax breach, which exposed the private financial information of an estimated 143 million Americans, lawmakers in Washington are scrambling for solutions to the increase in sophisticated cyberattacks targeting private citizens. Other attacks like the WannaCry ransomware attack of May 2017 affected almost a quarter of a million Windows users worldwide in over 150 countries, extorting payments in bitcoin in exchange for restored access to important personal files.

In short, it is becoming increasingly apparent that either security software needs to be vastly improved, or a return to more traditional forms of currency may be required in order to spare the personal and financial information of American citizens from the nefarious plots of cyber criminals. Physical currency cannot be hacked, and should someone become the victim of identity theft, cash would be the only source of wealth that they would be able to count on. It is for these reasons, in addition to saving billions in taxpayer money, that Congress is attempting to push forward the bipartisan Coins Act.

The Currency Optimization, Innovation, and National Savings Act of 2017, or “Coins Act,” was introduced on March 29, 2017, by Senator John McCain (R-AZ) and includes the suspension of the production of one-cent coins, aside from collectible coins, for a 10-year period. It also provides for a modification to the composition of the five-cent coin and replacing $1 notes in circulation with $1 coins. After these provisions are put into place, the Government Accountability Office intends to study the effect of this temporary suspension and make a recommendation whether or not production should remain suspended. The bill was referred to the Senate Committee on Banking, Housing, and Urban Affairs, and has remained there since.

In an October 15 commentary on CNBC, former Mint directors Philip N. Diehl and Edmund Moy point out that the United States is one of just three industrialized nations that do not use high-denomination coins in place of low-denomination bills. The use of low-denomination bills wastes tens of millions of dollars each year in production costs that are footed by the American taxpayer. Combined with changing the composition of the nickel to a more cost-effective formula and suspending production on pennies, bipartisan economists estimate that we could save $16.3 billion per year. Furthermore, dollar coins last much longer than paper dollars in circulation, with an average lifespan of 34 years.

Americans have been free to reject dollar coins because the bills remain in constant supply. Ceasing their production would force the use of coins, but the public outcry would probably be considerable. According to Diehl and Moy, however, 70 percent of Americans of every political stripe support changing to a dollar coin, once the national cost savings are explained to them. Politicians who fear the voters’ wrath would do well to note that statistic. Clearly, communicating the reason for the change is key to encouraging acceptance.

Former top Treasury and Mint officials across the board have advocated  for common-sense changes to the way our currency is produced for some time. What do you think? Are these currency changes a step in the right direction, or is there more that we can do to save in taxes and beef up our cybersecurity?

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Comments

  1. Qui Transtulit Sustinet says

    A resounding ‘YES’ to the Currency Optimization Act of 2017.

    Thank You, Sen. John McCain.

    I intend to contact my Congressman and both of my Senators urging them to support this common sense legislation that will save taxpayers tens of BILLIONS of dollars ANNUALLY.

    We need dollar coins in circulation, not storage.

    We do not need zinc Cents in circulation.

    Most people won’t even bend over to pick one up if they notice it on the ground.

    Taxpayers should have more clout with Congress than the vending machine and zinc lobbyists.

  2. Buzz Killington says

    This is a great non-partisan, money saving thing to take up by our do-nothing Congress.

    Of course in this case, I am inclined to believe that the metals lobbyists have more power than the people, and nothing will continue to be done.

  3. jayjaspersgarage on ebay says

    I would like to see this bill passed. I use dollar coins every day and have for many years for smaller purchases around the San Francisco area. I also use a lot of $2 bills and half dollars on a regular basis.

  4. Western Sage says

    I completely agree that this Act should become law. We are falling far behind many countries in the world in a myriad of ways, lets at least get the money thing right!

  5. Jerry Diekmann says

    I hope this bill can become law. Actually, this bill should have been enacted at least 15 years ago. It makes no sense to mint coins that are worth less than the cost to produce them, and taxpayers should not have their hard earned money wasted by printing dollar bills which wear out in a couple of years when dollar coins would last more than 30 years. Check your change sometime and you will find quarters that are over 50 years old, still doing what they were meant to do after all this time. I bet 1965 to 1967 quarters will still be found in circulation 100 years after they were minted. Any business that operates the way Congress rules the Mint would have gone out of business long ago.

  6. Putalaxa says

    About time. Cents can made for proof sets only. Same with the half dollars. Changing the composition of the nickel should be no problem as well. It could be made out of bronze. Many options out there. Having a dollar coin and a five dollar coin (bi-metallic perhaps) would save huge amounts of money.

    This should be a no-brainer, but I’m sure by the time Congress and the lobbyists get done, it will be all screwed up.

  7. gatortreke says

    I am in agreement with everyone here. I’d actually argue that the bill doesn’t go far enough, we should eliminate the cent and the nickel, perhaps even the dime. Making a change to our coinage and currency requires so much political wrangling that we might as well get it all done at one time. Charles Morgan over at Coin Week has it right, bring the $1 coin out of the vaults and possibly create a $2.50 and $5 coin as well and eliminate their corresponding currencies.

    We focus so much energy on whether a cent should stay or go and while we’ve argued over the decades, the dollar has lost much of its value, so much that it is quite easy to realize that $1 doesn’t get you very far today. There is always a traditionalist or a particular constituency that will argue that change is bad but the loss is purchasing power for the dollar since we’ve gone off the gold standard makes change a necessity. If the Fed were to achieve their desired 2% inflation rate, the value of the dollar would halve in 36 years. I’m not sure why they find this so appealing.

  8. Karl Meyer says

    Before the civil war we did not have paper money that was considered worth anything we had coins $20.00, $10.00, $5.00, $3.00, $2.50, $1.00. After the war paper money became more and more convenient and not as heavy in the pocket. Since the fed we have had inflation so as to make government debt easier to pass down to future generations. Metals that used to be used for money have become too expensive for use in money. Its all just fiat anyway. Make the dime the new penny, bring out the fifty cent piece as the new nickle, the dollar coin is the new dime, go back to a $2.50 coin you have the new quarter, a $5.00 coin is the new fifty cent piece that’s only for collectors, I would want a $10.00 coin, and a $20.00 coin. Oh then you need to bring in the paper money new $50.00 like a five dollar bill was, $100.00 like a ten dollar bill we need $500.00 and $1000.00 bills and for the rich we need $5,000.00 and $10,000.00 bills forget that lie that previous governments said about criminals and big bills they now do it digitally.In another 100 years we can do this again if there is any body left for the government to fleece.

  9. Barry says

    @Darek- I agree with your statement. In addition I would want them to stay away from using any zinc or steel. The cent coins we have now degrade quickly and as for steel who wants to carry rusty coins when the plating wears off ?

  10. James Smith says

    The dollar coins were minted to start a replacement of the bills. NO one was interested, meaning the citizens. The govt would like to follow other countries and get rid of paper currency so everything could easily be tracked and controlled. This is why the EU started getting rid of the 500 Euro note the powers that be do not want the citizen to have ready access to large notes not in its control like debit and credit cards.

  11. DBR says

    As time marches on, the end of an era is bound to happen to some things like certain coins and paper bill denominations. Our currency needs to meet the demands of the 21st century. Now while that may sound obvious it’s still hard to make changes to cultural items.

    Whatever is done the psychological side of this better be covered or the citizenry will lose confidence in our currency. I hope the government can stay ahead of this with good reforms.

    Something tells me that the proposed changes will translate into higher taxes if the lowest coin is the nickel. We will just round everything up.

  12. merryxmasmrscrooge says

    In Japan, people typically carry $100 to $200 in their wallets.
    They go food shopping, buy gas and other goods paying with CA$H.
    Nobody tries to pick-pocket you on the train, subway or streets.
    I was in the train one morning and unbeknownst to me the $70
    I was carrying was hanging out of my back pocket. No one took it!
    And there are no security guards or cops on the trains, Japanese people
    are just higher on the evolutionary scale than we are.

    My Japanese friends were surprised Americans only carry about $20.

  13. merryxmasmrscrooge says

    I told my Japanese friends we just have of all kinds of crazies, renegades, thieves, hobos, runaways, thrill seekers and they brandish guns.

    The banks and big corporations benefit from crazies with guns because that forces everyone to carry credit cards instead of using cold cash.

  14. merryxmasmrscrooge says

    Anyway Japanese currency is thus:
    I will convert them for you to US$ (if 100 yen = $1).

    $100 bill
    $50 bill
    $10 bill

    $5 coin, same size composition as sacagawea dollars
    $1 coin, about the size of a quarter, pure Ni
    50c coin, half the wt. of the $1 coin, pure Ni
    10c coin, copper alloy about as large as a quarter
    5c coin, bronze (they make very few of these for circulation)
    1c coin, pure aluminum (they make very few of these for circulation)

    Advantage = Less change, Can use in train and subway systems, also Japan has lots of vending machines
    Disadvantage = In NY Japanese currency system would be fine,
    but the typical car-commuting American does not want a heave chunk of change
    in his or her pocket, especially if you are dressed in fashionable clothes.

  15. merryxmasmrscrooge says

    That is a heavy chunk of change in their pockets, especially if you are sitting in your car.

  16. The Real Cool Dave says

    Hmmm — now instead of “printing” more money, the U.S. can “mint” more money.

    Anyway, all kidding aside, sounds like a good idea.

  17. Tom says

    Hmm….changing our currency to save money AND also making it more ” convenient “. Why not just do away with cash completely, implant chips in our hands and later to save money on the chips just put a mark on us?

  18. Z. Barolo says

    And the Crane Company in Massachusetts that manufactures all the paper for for our currency.
    Think the politicians from there are going to allow passage of this bill?

  19. AZ Dan says

    As long as it does not cause the price of goods or services to rise. Back when the post office was raising postage rates by 1 or 2 cents at a time, one lady wrote an editorial in the local paper about how the post office should have raised rates in nickel or dime increments because it was easier for her to count that way. I thought there will always be someone out there who is willing to pay more for goods & services than should be. If a debit/credit card is used in the transaction it’s almost of no difference except for folks who only carry cash.

  20. Larry says

    As long as “money” isn’t real money aka silver and gold, you can to whatever the heck you want to do. Most “money” whether it is a bank account, a 401 K, stocks, or bonds is just 1’s and 0’s in a hard drive somewhere. That is what scares me.

  21. Qui Transtulit Sustinet says

    Readers,

    Most of you appear to agree that the “Coins Act” makes Dollars and Sense.

    Let’s STAY FOCUSED and use the power of persuasion available to US voters.

    Please contact both of your Senators asking them to co-sponsor and support the ‘Currency Optimization Act of 2017’, introduced by Sen. John McCain in March of this year.

    I have already done so, and I made sure to ask them for a written response.

    If they enact this legislation with bi-partisan support, our largely ineffectual members of Congress will demonstrate that they can work together and actually accomplish something worthwhile.

  22. Asherspapa says

    I’ll be writing my legislators to support the Coin Act, but I too would go further.

    Eliminate the penny completely.–no numismatic-only versions. Bring back the half dollar and dollar coins. Add a $2 and a $5 coin. Move all commemorative coins to special versions of circulating coins similar to the Statehood and ATB quarters by creating a common obverse (Kennedy on half, Lincoln on the dollar, Franklin on the five. A limited number of commemorative versions (2/year as is the current practice) could then be produced in circulating versions and silver/gold numismatic versions.

  23. KCSO says

    Brandon Hall – Presume your new to MNB? If so, Welcome! Very well written, information, and timely article – Thanks!

    Okay Boy & Girls…, it’s Product Review time again!
    And none of which are U.S. Mint product so you purelist out there can stop ready before you get your panties in a wad..,

    2018 Kook –

    I collect Kook’s.., and albeit I’m biased.., if you like birds, the moon, or Kooks.., this is a must have. Absolutely magnificent. One of the best Kook designs ever. The 1 oz is must, though to truly appreciate the design aspects.., highly recommend the 10 oz. The device relief is pronounced, and just ‘pops’. I bought one, will be going back for a 2nd on this design.

    10 oz Griffin –

    This is the Griffin I always wanted to see, extraordinary execution.
    The wings have a perfect curvature bend over the inner circle, the Obverse field, the new design and first time I’m seeing it, is very impressive. I bought one, going back for a 2nd.

    Shipping and Delviery –

    Again, it amazing me how well APMEX, JM Billion, and Provident can effectively package their coins with minimal cost, and minimize the movement of the coins during shipping. And yet, the Bone Heads at the U.S. Mint fulfilment center in Memphis are such a disaster and in capable of simple sandwiching a simple box between two pieces of bubble wrap – Absolute Morans, and the fulfilment center Director should be fired, or better yet recompete the contract for the remainder of FY’18

  24. RSF says

    Brandon, I think your $16.3 billion savings per year estimate is either a misprint or it’s grossly inflated. The GAO has reported that switching the $1 note to a $1 coin would yield an average savings of $146 million a year over 30 years. And that’s after losing an average of $55 million a year for the first ten years.

    They estimate that changing the metal content of the non-penny coins would only save between $8 and $39 million per year. So maybe $163 million savings per year would be more accurate, not $16.3 billion.

    Nevertheless, I sure hope this bill (S.759) proceeds to passage.

  25. KCSO says

    With all the $ I used to purchase clad, proof sets, and silver Comm sets over the years, I truly wish I had dumped that money into PayPal with their Venmo platform, Visa, & Citi stock, or IPAY ETF..,

    The U.S. Government is so behind the times.., we’re already in a ‘cashless’ society, and Congress still can’t get out of their own way.., just IMHO.

    While I’m all for tax reform, Cag is right, the TRILLIONS of debt we’ll leave behind to the youth of America is unacceptable. Everyone needs to pay taxes, it just needs to be fair and balanced, and ultimately, this great nation of our needs to reduce our debt.

  26. NcCoinCollector says

    Some economists might say there is no need to worry about debt because we owe it to ourselves and it can be forgiven.
    I agree that 0 & 1 on a server farm will never be as secure as cash/coin emblazoned with LIBERTY.
    I really really agree that we have a defacto cashless society currently.
    I heard if you put a frog in boiling water it jumps out right away but if you slowly raise the temperature it allows itself to be cooked to death.
    The slow criminalization of cash is cooking the American population to death.

  27. Terry says

    I have question my friends. I have an original surface 1908-S Indian in AU condition I want to get graded via PCGS. However it has a small nick/indentation on obverse near “A” of America does this affect grading? Will it come back as damaged etc for this one nick on otherwise beautiful coin/ Thanks

  28. says

    Given the oddity of the 2017 UNC AGE strength of sales in the past 2 months, which when compared relatively to other gold offerings is truly profound, and then combine that with the compelling story that Cag’s #’s analysis tells..,

    It’s apparent to me that an insider squawked or a dealer had privileged information, none-the-less, it occurred and now we very likely have a new low.

    Pulling the thread a little further, there never has been a recent run up in FS sales, if someone has insider info and loose lips, then one might expect similar action on a FS coin, that has yet to occur.

    Thinking Eleanor is the Queen of the FS series

  29. Erik H says

    What happens when your money becomes so worthless that small denominations disappear? Some countries give you cell minutes instead of change. I’ve hear that others give you pieces of candy, NO THANKS!

    Cash is king, just talk to anybody that has or is going through one of this year’s natural disasters.

    The problem is getting back to a metals backed currency. Maybe the future metal of choice will be a rare earth metal and not gold. But it needs to be more than 1’s & 0’s.

    TPTB want you to believe that you can only be robbed of physical cash even though daily you read about identity theft and hackings (I guess they don’t consider those things a problem & that’s why they outsource banking phone reps to 3rd world nations).

    How come I can receive more money (cash back) per month spending OPM on my credit card than I can diligently saving money in the bank? The world of money is upside down, that’s how come!

  30. Tom says

    Cyberattacks, I’D theft, accounts hacked. Its all our fault. When we
    distanced ourselves from a bartering system , ( some people never had cash much less PM’s ) we created a monster. I would love the chance of paying my doctor with a chicken or two.

  31. cagcrisp says

    @Tom. “I would love the chance of paying my doctor with a chicken or two.”

    I know chickens, you better have a Whole chicken house…

  32. cagcrisp says

    From Reuters:

    ” “(Gold) is just following what the dollar is doing,” said Natixis analyst Bernard Dahdah. “People are also getting more excited about the stock markets, and that removes a bit of business from gold.”

    The metal could drift down towards the $1,250 level by early December, he said, weighed down by the prospect of a further increase to U.S. interest rates in December.

    Gold is highly sensitive to rising U.S. rates, which lift the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced.

    The dollar had already posted its biggest one-day gain in a month on Friday after the U.S. Senate approved a budget blueprint for the 2018 financial year, allowing Republicans to pursue a tax-cut package without Democratic support. “

  33. cagcrisp says

    I will have to Admit that Both Gold and Silver are hanging in at a Higher Level than I would have Thought…

    …Considering All the Factors at Work…

  34. cagcrisp says

    People need to quit worrying about the composition of coins and/or whether coins are better than paper money and spend more time trying to SAVE for retirement. Here are the PATHETIC numbers reported Today about retirement savings.

    401k By Age (Median savings in 2016)

    35-44 $23,491
    45-54 $43,467
    65+ $60,724

    I just looked at the 2017 social security actuarial table for a Male age 65 and life expectancy is 17.84 years (Female 20.44).

    Divide the median savings of a 65 year old and you get $60,724 to last you 17.84 years.

    Dismal…Dismal…Dismal…

    …And for you guys that Think Gold or Silver (or flipping coins) will some how save you…

    …Oh Lordy…

  35. Terry says

    I have question my friends. I have an original surface 1908-S Indian in AU condition I want to get graded via PCGS. However it has a small nick/indentation on obverse near “A” of America does this affect grading? Will it come back as damaged etc for this one nick on otherwise beautiful coin/ Thanks

  36. gatortreke says

    @ cagcrisp: I would venture a guess that the people who aren’t saving for retirement are also not concerned one iota about the composition of our coins or what passes as money in the U.S. I think it much more probable that those talking about these things are likely some of the better savers, at least that is what I’d guess to be the case.

  37. PAUL G says

    I am glad I started work when company retirement plans were the norm, and ira’s and 401k plans were supplemental (the contributory plans were just starting out) and were representative of the icing on the cake. Although I can now have my cake and eat it to, I do feel sorry for the people in the next generation who have to count on saving for retirement by placing their money in the hands of investment companies which may or may not husband the funds in a responsible manner. The retirement funds, as in the examples provided by cagcrisp, will be finite, and subject to the whims of the market, so that the future retiree may be left with little or nothing to live on when the funds are exhausted, or in the event of an economic downturn.

  38. says

    Info of possible CAGCRISP interest

    Received this am email from Dillon Gage reporting highlights from U.S. Mint’s 2017 forum, in part as follows:

    “Accepted up to 92 orders per second ”

    “208,000 orders per minute ”

    ” with 35K active sessions @ one time”

    May clarify unusual order number desparities as reported within this Blog by individuals when we order highly desirable coins from the U.S. Mint. seemingly at the same time.

    To me, the above data value is diluted when the U.S.Mint allows massive orders by large corporate & or TV outfits regarding the highly desirable coins. I remain p. o.’d over the congratulations set sale .

    Semper Fi
    Silky sends.

  39. cagcrisp says

    @gatortreke, “I would venture a guess that the people who aren’t saving for retirement are also not concerned one iota about the composition of our coins or what passes as money in the U.S.”

    What Brandon Hall did NOT report is the bill introduced by Sen McCain is a reintroduction of the same legislation that he himself has done on three separate occasions.

    Initially a similar bill was introduced in 1991 by Rep Kolbe of Arizona and many other attempts have been done over the past 26 years.

    The bill is and has been for the benefit of the Copper producers in the state of Arizona.

    The $1 coin is composed of 88.5% Copper.

    The McCain bill would Increase to 80% the amount of Copper in the nickel.

    Would ANYONE want to venture the #1 Copper Producing state in the United States?

    This bill like all the previous bills introduced over the past 26 years is going nowhere…

  40. says

    Poor old meshuga McCain and not one mention of the special interests he serves. This article is just another propaganda piece meant to impoverish the people. Here’s a hint, if you really want to save money (taxes) shut down the welfare/warfare state but LEAVE OUR COINS ALONE……
    dollar coin worth 5,3 cents
    half dollar worth 8.3 cents
    quarter worth 4.1 cents
    dime worth 1.6 cents
    nickel worth 4 cents
    Just how much more can we devalue them?

  41. cagcrisp says

    Gold and Silver both Spiked upwards

    Why?

    Trump said he was “Very Very Close” to deciding the head of the Fed.

    He said he likes Yellen “Very much”.

    Yellen is seen as being Less Hawkish than a couple of other candidates.

    Trump Needs/Wants Less Hawkish…

  42. Louis says

    Exactly. He needs Yellen so stocks keep going up, though you never know how the more
    hawkish folks will act once there.

    Got my palladium, and it is superb, without a doubt a real modern classic.

  43. earthling says

    Gold 1279.60
    Silver 17.03
    Platinum 922.00
    Palladium 945.00
    Rhodium 1480.00

    Coulda shoulda woulda……..

    Rhodium was around the $600 level around a year ago. And now its going higher than a NK Test Firing.

  44. Just Another Dave In Pa says

    I don’t know too much about this but thanks to all for the clarifications of this article.

    It’d be interesting to know the extent to which electronic transactions have supplanted cash transactions. The demand for coins must be shrinking very fast. The vending machine industry is lobbying against the bill for obvious reasons.

    It’s like stamps. I used to use quite a few of them. Now, a book of stamps lasts a year.

    It’s a bill whose time is coming with or without the pork for AZ.

    I’m more concerned with the Equifax breech and identity theft and security measures. Even bitcoin has been hacked so I have low confidence in the whole system.

    There’s a paradigm shift in the way we use money and the shape of things to come is Amazon Prime which is owned by Jeff Bozos (also owner of The Washington Post and Whole Foods et al). I resist automation in a lot of things. I don’t use EZ-Pass so I still have to use cash for bridges and turnpike fares. The self-driving cars in our future don’t inspire much confidence either.

    Last week, McCain was awarded the 2017 Liberty Medal at the National Constitution Center in Philadelphia. The presenter was Joe Biden. It was a big hullabaloo.

    The medal itself is interesting. It’s just a liberty bell design in front of two globes of Earth.

    https://constitutioncenter.org/images/uploads/general/liberty_medal_m_med.png

    In his speech he said that ‘half-baked, spurious nationalism’ is unpatriotic.

  45. KCSO says

    Hmmmm.., I was looking forward to it, was expecting something far more simpler and elegant.

    Too much going on in that Observe, too much that’s going to get lost on the $5.

    I’ll be curious to see who that arm and hands transpose around the rim of the Obverse.

    With this release, less would have been more, for the non-coin collectors likely to purchase this Commorative.., just my opinion and it doesn’t really matter.

  46. So Krates says

    @ Terry – It depends on how big and distracting the “nick” is. Also, if it’s from hitting other coins or it’s a scratch or gouge. If it’s as small as you describe in that location (that’s not a focal point), it will probably grade. It would be best to post an image of the coin so all your friends here can see it and opine.

  47. KCSO says

    On it’s way out –

    American Eagle 2017 One-Tenth Ounce Gold Proof Coin West Point (W)

    94 Item(s) In Stock

  48. Buzz Killington says

    I actually like the 2018 Breast Cancer awareness design, particularly the reverse. I am less wild about the pink gold, but who knows, maybe it will turn out great.

  49. Eric says

    I am all for saving money. A few of my friends think that it would be cumbersome but I disagree. It is rare that I carry more than 3 or 4 $1 bills at a time. I think it would be a great idea to get rid of the cent and the paper dollar.

  50. earthling says

    I grew up in the era of the mission to put a Man on the Moon. I went to William Henry Middle School from 6th – 8th Grades ( 1966-1969) located in Dover , DE , right across the fence from ILC Industries ( makers of the NASA Space Suits. This really put the Space Program ” in my backyard” so to speak.

    Seeing the black and white images of Neil Armstrong stepping onto the lunar surface during the Summer of 69 was something I’ll never forget. Hopefully the Coins released by the US Mint will be something truly special. I don’t really like the idea of the same design over multiple Coins so unless something happens to change my mind, I’ll be happy with the big Silver .

  51. Daveinswfl says

    It’s just too bad that Congress decided to make this offering a special commemorative rather than selecting multiple reverse designs for all circulating coinage. Imagine first steps on the half, liftoff on the quarter, mission central on the nickel, etc.
    Unfortunately, the importance of the accomplishment will not receive the recognition it deserves. There are just too few commemorative collectors left 😥

  52. Daveinswfl says

    Even though the bill is self serving for John and his constituents, it is a good idea.
    Having the same denominations in circulation given the depreciated value of the dollar is silly in itself, let alone minting coinage at a loss.
    Yet again, the power of lobbyists will be apparent from every front and no change will be made to the law. And a lot of change will be wastfully minted and a lot of deteriorating paper will be printed.
    I favor eliminating the cent and nickel and one and five dollar bills and using all those stored dollar coins (already minted and just sitting in a vault) and minting five dollar bimetallic coins. $2.50 coins are not a good idea. The typical cashier would be confused by it – they have enough trouble handling the coinage that’s been around for centuries!

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