Battle of the special interests: Paper dollar vs. dollar coin
In the Congress, we are hearing passionate debate about whether the paper dollar should be replaced by the dollar coin . Unfortunately, the passion is fake. In reality, there is a battle between two special interests. Please see my webpage for my cynical history of the United States dollar coin .
One one side are the preservationists, who seek to retain the paper dollar. We expect the traditional conservatives. Instead, we have Senator John Kerry and Senator Scott Brown, who wrote the currency Efficiency Act, which would substantially reduce the number of dollar coins. The reduction of coinage of dollars would save the country money, because most of the dollars are returned to the treasury where they are simply stored. It is not a coincidence that both are from Massachusetts, the home of Crane and Company, which currently holds a monopoly on the production of the special cotton and linen paper which comprise our paper money.
On the other side are the abolitionists, who have introduced a bill that would eliminate the dollar bill, thus forcing Americans to use the dollar coin. The main lobbying group for this bill is the Dollar Coin Alliance. The Dollar Coin Alliance argues that the switch to the dollar coin will save the country money because dollar coins last longer than paper money. Their silly arguments include the fact that cotton prices have increased dramatically (of course the value of the cotton in a dollar bill is close to nil). The Dollar Coin Alliance is simply another special interest group comprised of those who will profit more with coin dollars. The members include the Copper and Brass Fabricators Council, the Copper Development Association, Global Brass and Copper, and the National Mining Association. Hint: They're not mining for cotton. The group also includes MBI coin, which owns Danbury Mint. The Danbury Mint sells dollar coins for a handsome profit. If you hold your breath, you can check out the price below.