Currency Optimization, Innovation and National Savings Act (known as the COINS Act). The bill calls for the elimination of the paper dollar, to be completely replaced by the dollar coin. The author touts the tremendous national savings of 6 billion dollars over the next 30 years.
To put this into perspective, this comes out to about 200 million dollars per year. (Of course multiplying by thirty will make the number sound larger). Since the US has a population of about 300 million, this means that each citizen would save about 67 cents per year by switching away from the paper dollar.
Rather than asking citizens if we should save 6 billion dollars, we should be asking if citizens would be willing to give up the paper dollar in exchange for 67 cents. My guess is that many will be willing to pay the 67 cents for what they see as a convenience. After all, some banks now want to charge $60 per year for an ATM card.
I, of course, am a coin man. I pay for virtually everything in coins (much to the dismay of those waiting behind me in the checkout line). The question is whether the government should force all Americans to be more like me. What are your thoughts?