QUICK LINKS: Videos  |  Micromarkets |

Redemption Report




Buy a Classified Ad


Editorial Calendars


Circulation Data






Date Book


Bookmark this site

Issue Date: Vol. 51, No. 10, October 2011, Posted On: 9/25/2011

Replace Dollar Bills With Coins In Four Years, Urges Congressman

Marcus Webb
David Schweikert, Currency Optimization Innovation and National Savings Act, or COINS, coin machine, coin-op, coin-op news, vending, vending machine business, currency news, U.S. coinage, bulk vending

dollar coin, David Schweikert

WASHINGTON -- The U.S. would stop printing $1 banknotes and replace them with $1 coins if Congress decides to pass the new Currency Optimization, Innovation and National Savings Act, or COINS.

COINS was introduced on Sept. 20 by Rep. David Schweikert (R-AZ), who serves on the House Financial Services Committee. The freshman congressman from Arizona has been the strongest supporter of dollar coins, largely because minting more coins would benefit Arizona's copper mining industry.

But Schweikert emphasized the measure's potential to help reduce the federal deficit. Citing a recent study by the Government Accountability Office, he said replacing dollar bills with dollar coins would save an average of $184 million a year, amounting to at least $5.5 billion over 30 years.

"At a time when we are staring down a record-breaking $1.3 trillion deficit, any commonsense measure that cuts billions needs to be given serious consideration. That is exactly what the COINS Act will do," Schweikert said.

The COINS Act is the first positive publicity that dollar coins have received after many months of unfavorable publicity. In March, the U.S. Treasury admitted to storing one billion unwanted dollar coins in a federal vault -- and that stocks are expected to reach two billion in five years. The following month, a California congresswoman introduced a bill that would force the U.S. Mint to stop producing dollar coins in the Presidential series. | SEE STORY

Not long after, the Mint announced it was changing procedures for online consumer purchases of dollar coins in order to stop enterprising citizens from buying the coins in bulk with credit cards to get frequent flyer miles, then turning the coins over to banks rather than spending them and getting them into circulation, as the program was intended to do.

Topic: Music and Games Features

  • AMOA-New York Honors B.J. Thomas As Jukebox Artist Of The Year And Betson's Nina Byron As Person Of The Year
  • FICO Study Suggests ATM Fraud Is On Rise And Independent Deployers Are Main Targets
  • TouchTunes Pre-Releases John Mellencamp’s 'Sad Clowns & Hillbillies'
  • National ATM Council Challenges FICO Skimming Survey
  • IAAPA's Asian Attractions Expo 2017 Trade Show Floor Nears 10,000 Net Square Meters

Copyright © 2017 Vending Times Inc. All rights reserved. 
P: (516) 442-1850 | F: (516) 442-1849 | subscriptions@vendingtimes.net
55 Maple Ave. - Ste. 304, Rockville Centre, NY 11570