US Government Accountability Office (GAO) recently reported that replacing the $1 note with a $1 coin could save the US government approximately $5.5 billion over 30 years. Many nations already replaced their lower-denomination notes with coins to obtain a financial benefit. Coins are more durable than notes and do not need replacement as often as notes.
To perform its work, GAO constructed an economic model and interviewed officials from the Federal Reserve, the Treasury Department, the U.S. Secret Service, outside experts, and officials from Canada and the United Kingdom. To determine the effects on stakeholders, GAO interviewed officials from industries and organizations that might be affected by changes to currency.
GAO has noted in past reports that efforts to increase the circulation and public acceptance of the $1 coin have not succeeded, in part, because the $1 note has remained in circulation. Other countries that have replaced a low-denomination note with a coin, such as Canada and the United Kingdom, stopped producing the note. As in the past, GAO's analysis indicates that replacing the $1 note with a $1 coin would provide a financial benefit to the government if production of the $1 note ceased.
Do this report includes normal people who will be using the dollar coins? I am a kind of person who don't like to bring coins when I go out. I will left my coins at home or car whenever I received to many coins. Coins will also be more vulnerable to counterfeiter then notes. This kind of report should involve people who will be using it, not just looking at it from the economic aspects.
Source: US GAO
0 comments:
Post a Comment