Wednesday, April 04, 2012

The End of the Dollar Bill Bill - is There an Echo?

Ladiesss and gentlemennn. . . in this corner we have  Metal Dollar Maniaaaa!  In the opposing corner we have Give Me My Greenbackkks!  Now, I draw your attention to the center of the ring for our featured match-up -- the Currency Optimization, Innovation and National Savings (COINS) Act.

S.2049  was introduced in January by Sens. Tom Harkin (D-Iowa), John McCain (R-Ariz.), Tom Coburn (R-Okla.) and Mike Enzi (R-Wyo.). The senators’ bill is a companion piece to House bill H.R.2977 , the Currency Optimization, Innovation and National Savings (COINS) Act, introduced in September by Republican Reps. David Schweikert (Ariz.) and Jeb Hensarling (Texas).  The bill calls for a transition from the paper dollar to the dollar coin within four years; the House bill now has 12 co-sponsors. 

The paper dollar became part of the U.S. currency during the Lincoln administration in the early 1860s.  However, there has been a long-running battle to replace the paper dollar with the dollar coin and the movement has "gained fresh momentum."  So much so, Crane & Co., the Massachusetts-based firm that provides the paper for the currency and Sicpa Securink Corp., a Swiss-based in company that supplies ink for the paper currency have stepped up their lobbying initiatives. 

Proponents of the initiative argue that replacing the paper dollar would be better for the environment and save the taxpayer dollars – as much as $50 million a year.   Those opposing the elimination of the one-dollar bill suggest that the environmental impact is not accurately portrayed, since the currency paper is made from cotton and linen fibers.   Moreover, an October, 2011, poll from Lincoln Park Strategist found the Vast Majority of Americans Reject The Idea Of Getting Rid Of The Dollar Bill And Moving To A Dollar Coin.

Ernster, the Virtual Library Cat

No comments: