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¶ … Wall Street Journal (Sparshott, J (November 27, 2012) talks about Government inclination to convert the dollar bill into dollar coins. Whilst the public seems to mostly prefer the dollar bill according to the way it is and whilst Crane & Co., the company that prints these bills, is reluctant to eliminate paper money, The Government (as too the Federal Reserve System) views coins as being more of a rational choice. It lasts longer, and can save the government more money enabling it to invest in other more important public programs.
"We continue to believe that the government would receive a financial benefit from making the replacement," Lorelei St. James, a director at the nonpartisan Government Accountability Office, said in remarks prepared for a Congressional hearing scheduled for Thursday.
Predictably, companies that would profit by mining he coins (such as Mining and metals companies, mass transit agencies, vending machine manufacturers and other groups) are in agreement too.
The GAO calculates...
That averages out to less than $147 million a year. The benefits would only be seen incrementally after many years.
The U.S. Treasury had tried introduction of dollar coins last year but had curtailed production after discovering that more than 40% had been returned to the government unwanted. Government vaults then stored 1.4 billion such coins -- enough to meet demand for a decade.
If the government does go ahead with its inclination towards replacing bills with coins, it will be interfering with public desire. Not the first time it does so.
I see a few connections here:
The idea of saving
The Government has a certain budget which it allocates amongst its various needs. It tries to save as much money as possible and places only a certain amount of money too in the Central Bank for public consumption. The Central Bank determines how much of this will…
References
Sparshott, J (November 27, 2012) U.S. Should Replace Dollar Bills with Coins, GAO Says. WSJ
http://blogs.wsj.com/economics/2012/11/27/u-s-should-replace-dollar-bills-with-coins-gao-says/?mod=WSJBlog&mod=marketbeat
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