Get Rid Of The Dollar Bill

How would this affect America's economy

Dollar biography

The first $1 dollar bill was issued in 1862 with a portrait of Treasury Secretary Salmon P. Chase. Salmon's portrait was replaced 7 years later by the first president of the United States, George Washington. After Gold Certificates became illegal due to the increase in gold during the Great Depression, Silver Certificates were issued in 1878. Congress, then, eliminated Silver Certificates when the cost of silver weakened the currency system. Over the next 85 years, the one dollar certificate has been redesigned from the color of the words to the border styles and has endured major additions like "IN GOD WE TRUST" printed onto the back, color In 1963, the $1 dollar bill became an official Federal Reserve Note.

Expense

Many people do not realize the amount of money America pays to print up dollar bills. But if America was to get rid of the one dollar bill, that would save America 13.8 billion dollars over the next 30 years! A dollar bill costs about 5.7 cents to print, and lasts about 22 months on average. A dollar coin costs about 10 cents to mint, and can last for decades. A dollar coin is much, much more cost-effective.

What we can do with this new savings

Using a dollar coin could save America 183.3 million a year. With this money, the opportunities are endless! America would be able to:
  • Buy two extra Lockheed Martin F-35 fighter jets a year.

  • Construct a bridge

  • Buy every man, woman, and child in America a can of Coca-Cola.

  • Or pay about seven hours' worth of interest on
  • Create homes for the homeless like our homeless veterans
  • Pay back some of our depts. to foreign countries ( like China etc.)

Environmental Advantage

People argue that carrying around dollar coins is a waste of time and would only weigh down their purses or wallets. But replacing the dollar bill with the coin would save taxpayers a estimated 4.4 billion over the next 30 years. Would you rather save billions over the next couple years, or refuse the dollar coin because it is heavy? Switching to the dollar coin would not only benefit the American citizens but also help our environment. The amount of waste produced in shredding of old notes is equal to the amount of trash that 345,000 Americans create in a year. Can you imagine that? The amount of trash that 345,000 Americans produce a year is equal to the amount of notes we shred. It is more beneficial to switch to the dollar coin. Not only would America be saving on expenses, but it would help with the pollution.

Supporters

Many people say that it would cost money for the vending machines to update to take dollar coins. But vending machines and mass transit system administrators actually embrace this switch. This is because, if the dollar coin was to replace the dollar bill, it would make their transition much easier.

Curencys we shouldnt get rid of

100 dollar bill- The one hundred dollar bill can be used outside the country and many people do not care if its counterfeit. The hundred dollar bill is also the most in circulation.


20 dollar bill- The twenty dollar bill is used in atms its the highest currency in the atm. The 2nd currency that is the most in circulation


penny- There are about 2 billion-2.5 billion pennies in circulation. 67 percent of Americans favor the penny circulation. Also the first currency of any type authorized by the united states.


2 dollar bill- Good for tips and casinos etc. its one of the rarest usa currency's also making it more desirable.

Citations

Daily News. (n.d.). Ax dollar bills to save money: Congress - NY Daily News. Retrieved from http://www.nydailynews.com/news/national/ax-dollar-bills-save-money-congress-article-1.1211013\


"The History of the One Dollar Bill." The Dollar Bill Collector. N.p., n.d. Web. 31 Jan. 2016.

http://www.onedollarbill.org/history.html


Getting Rid of the Dollar Bill Is a Bad Idea. (n.d.). Retrieved from http://www.huffingtonpost.com/eli-lehrer/dollar-bill-coins_b_3666998.html



Why we should do away with the dollar bill - The Denver Post. (n.d.). Retrieved from http://www.denverpost.com/ci_23724788/do-away-dollar-bill