Tuesday, February 13

New Dollar Coins To Be Released

New dollar coins featuring Presidents will be released on Thursday. Obviously the first to be released will be George Washington. While the U.S. Mint says they have no plans on replacing paper dollars with coins, the time to do it might be sooner than we think.

In the past, attempts to convert people from paper to coins wasn't feasible. Who could carry that many coins on them? But as more and more people use their ATM debit/credit card, the need for paper cash on hand is shrinking. Almost everyone takes plastic. Plus, it makes sense fiscally. A GAO report done a few years ago shows that the government can save around $500 million annually by replacing the dollar bill with the dollar coin.