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Schweikert: Let’s get rid of one-dollar bills

Representative David Schweikert (R) Fifth District. Born March 3, 1962; member Arizona House 1989-94; Realtor and financial consultant. Last full year of current term: 2012.

An Arizona congressman wants to do away with dollar bills, saying a phase-out to instead use dollar coins would save the United States a projected $184 million annually.

Republican Rep. David Schweikert says enactment of a measure he introduced would help the government reduce its budget deficit.

Schweikert’s office says his bill would require the Federal Reserve to stop issuing dollar bills within four years of enactment.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

9 comments

  1. Dear Represenative Schweikert,

    Let’s put on our thinking caps and try again. How about redundant programs in the government. How about medical care and perpetual pensions for politicos in Washington. How about unfunded wars. How about aid to other countries. The list seems pretty endless. And, how much would it cost to tool the machinery for coins.

    I hope as you season, you will be able to come up with better ideas.

  2. LETS GET RID OF HIM IF THAT IS ALL HE CAN COME UP WITH

  3. THANK YOU Congressman Schweikert!! This is a brilliant idea, and a long overdue change that is very much needed!

    Our currency is severely outdated and poorly managed. Dollar bills are expensive to make, quick to wear out and are wasteful (… billions are bills are shredded and landfilled each year). The dollar coin, on the other hand, lasts 15x longer and costs roughly the same to mint.

    Couple this with pennies and nickles that cost more than their face value, and you’ll realize that the Federal government wastes hundreds of millions each year of the taxpayer dollar.

    So once again, thank you Congressman Schweikert!

  4. Dollar coins are convenient­, recyclable­, and are more user friendly for the visually impaired. Thanks to The Huffington Post for calling attention to Rep. Schweikert­’s efforts to save billions by switching to the $1 coin. If you want to learn more visit us on the web at http://dol­larcoinall­iance.org

  5. Dollar coins are convenient­, recyclable­, and are more user friendly for the visually impaired. Thanks to AZ Capital Times for calling attention to Rep. Schweikert­’s efforts to save billions by switching to the $1 coin. If you want to learn more visit us on the web at http://dol­larcoinall­iance.org

  6. We already have the presses to be able to do this. Won’t require new hardware. Anyhow, this will never happen. People are not willing to carry (at most) 4 dollar coins to save the country 184 million dollars a year. WAY too much of a burden to put on the taxpayer.

  7. What an excellent idea and way past due! In the late 70′s/early 80′s, lots of vending machines would not take the SBA Dollar coin and many confused it with the quarter. Today, nearly EVERY vending machine takes these dollar coins so very few retro-fits will be required and given its golden color, nobody confuses it with a quarter.
    The US Mint will have to do nothing other than step up production since the dies and machinery already exists for creating these not to mention the fact that US Coinage is “sold” to the Federal Reserve Bank whereas dollar bills are “sold” to the US Government. It’s about time the US Government did something to address the deficit, even if only in small steps.

  8. I disagree with the tax pledge signed. To spend time on trying to get rid of the dollar bills, wouldn’t it be wiser to work on some of these problems. I think we need to go back to the Clinton tax rates and still cut out the loop holes. Once it is under control many years from now, then work on lowering the tax base rates. We have two unpaid wars, unpaid medicare prescription plan and MANY other items. Cuts need to be made, but not at the cost where for the last 10 years; instead of paying off the deficit and balancing the budget, we had a phony housing bubble and jobs with it due to Clinton trading off Glass-Steagall allowing banks the opportunity to do the same as causing the great depression originally. We could always get into the cost of congress with the special medical plans, the pensions, etc. It should have limited terms, 401K’s and etc. Maybe bring up a bill allowing 2 terms for the house at three years each and 2 terms for the senate of 6 years each. No pensions. ETC.

  9. I have been in the retail business for years. The customers hate $1 coins, no one uses the $2 coins and it is impossible to manage from a retail standpoint. I can just see the grocery stores taking bags of coins to the banks. Cash drawers would have to be changed since the new influx of coin would not fit. I know that the savings sounds substantial but with as much money is wasted, this makes no sense. People will not use them.

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