WASHINGTON--(BUSINESS WIRE)--Today, the Council for Citizens Against Government Waste (CCAGW) and the Dollar Coin Alliance were joined by Sen. John McCain (R-Ariz.) to unveil a study projecting that American taxpayers could save $13.8 billion by modernizing U.S. currency from a $1 note to a $1 coin. Those savings would nearly triple other recent estimates of the $1 coin’s impact. Aaron Klein, former Chief Economist for the Senate Banking Committee and Deputy Assistant Secretary of the U.S. Treasury, released his analysis on the savings potential of the $1 coin, Time for Change: Modernizing To the Dollar Coin Saves Taxpayers Billions.
In addition to Klein’s conclusion that transitioning to the dollar coin is likely to save taxpayers more than $13 billion over 30 years, the study also provides a detailed analysis of the $1 coin’s benefits to small and large businesses, the environment, and the millions of Americans who are blind or visually-impaired. Nearly every other major economy has successfully transitioned their lowest denomination currency to a coin – in some cases generating as much as ten times their initial savings estimates.
“Those who would block currency reform are fast running out of excuses,” said Bill Christian, Director of Government Affairs for CCAGW. “Once again, an in-depth study of taxpayer savings from eliminating the $1 bill in favor of the $1 coin has been conducted, and once again, the result is clear: eliminate the $1 bill and save billions. The federal government should always be looking for ways to save money, and as the national debt approaches $17 trillion, the implications of Mr. Klein’s study amount to much more than pocket change.”
Monday’s briefing follows the reintroduction of the Currency Optimization, Innovation and National Savings (COINS) Act (S. 1105), which is designed to save the country billions of dollars by eliminating the wasteful, inefficient $1 note. The COINS Act was introduced last month by a bipartisan group of lawmakers including Sens. Tom Harkin (D-Iowa), John McCain (R-Ariz.), Tom Coburn (R-Okla.), Mike Enzi (R-Wyo.), and Mark Udall (D-Colo.). It follows nine recommendations by the nonpartisan Government Accountability Office urging Congress to transition to the $1 coin.
“Modernizing our currency just makes sense,” said former Congressman Jim Kolbe (R-Ariz.), Honorary Co-Chair of the Dollar Coin Alliance. “As Congress continues to look for ways to reduce the government’s deficit, we can’t afford to ignore the $13.8 billion that we’d save through currency reform. The $1 coin saves us billions without raising a single tax or cutting a single program.”
About the Dollar Coin Alliance
The Dollar Coin Alliance is a coalition of small businesses, budget watchdogs, transit agencies and labor groups dedicated to saving American taxpayers billions of dollars by transitioning to a one dollar coin, and focused on educating taxpayers and policy-makers about the benefits of increasing dollar coin circulation. For more information please visit www.DollarCoinAlliance.org.
About the Council for Citizens Against Government Waste
The Council for Citizens Against Government Waste (CCAGW) is the lobbying arm of Citizens Against Government Waste, the nation’s largest nonpartisan, nonprofit organization dedicated to eliminating waste, fraud, abuse, and mismanagement in government.