Kill the Penny! (And 5 Other Ways to Fix America's Money)

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AP, David Zalubowski
This week, officials from advocacy group Citizens Against Government Waste came to Capitol Hill to argue for a radical change in our currency: They want to kill the dollar bill and replace it with a dollar coin.

Their reasoning is simple. Coins last a lot longer in circulation -- 30 years on average. Bills tend to fall apart and need to replaced after around four. Making the switch, they say, would save us a nice chunk of change -- close to $14 billion over the next 30 years. The government has tried to introduce dollar coins in the past with little success, despite the fact that coins of similar value are used in nations around the world. The difference? Those countries got rid of the equivalent bills. So it's clear that we need to eliminate the dollar bill altogether if we're going to get Americans to change their ways.

But why stop with killing of the dollar bill? From pennies to dollars to credit cards, there are plenty of ways that American money could be improved. Here are a few ideas that have been kicking around.




Matt Brownell is the consumer and retail reporter for DailyFinance. You can reach him at Matt.Brownell@teamaol.com, and follow him on Twitter at @Brownellorama.

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Kerry

I wouldn't mind carrying dollar coins, not as large as the Ikes but bigger than the Susan Bs. It should have a Patriotic design on the obverse & the Great Seal on the reverse. I'm also in favor of a $2 & $5 coin as well. it should maintain the current surface color as the J.F.K. halves.

September 21 2013 at 2:25 PM Report abuse rate up rate down Reply
artwolters5

Congress elilminated the "halfpenny" in 1856 because it was took insignicant time to earn, and bought insignificant amount of stuff. The fallen value of the $ causes the 2013 half-dollar to have the value of a cent then. SO, all prices should be stated in dollars and tenths (example, a gallon of milk is $3.6). Future coins should be the dime, the half-dollar, the dollar and a new $2.5 coin. Paper could take over with tens, twenties, and hundreds. Pennies, nickels, and quarters would be melted for scrap.

July 28 2013 at 10:44 PM Report abuse rate up rate down Reply
crazy ray

It costs more than a nickel to make a nickel. So the real solution is to KILL THE NICKEL and turn the penny into a nickel.

July 26 2013 at 10:24 AM Report abuse rate up rate down Reply
dfoster

It's no surprise that the government doesn't want those "dirty coins" clanking around your pocket, they want your money in THEIR pocket!

July 25 2013 at 11:50 PM Report abuse rate up rate down Reply
gosports1

I say kill the Dollar Bill. I would like to here the jingle of Dollar Coins coming out of Slot machines instead of a paper ticket.I don't think the Gaming Companys would like this idea of changing all the machine to accept coins again and having to hire additional employee's on Obama Care

July 25 2013 at 11:18 PM Report abuse rate up rate down Reply
YourFtr

Leaving the Great Seal of the United states off of a replacement dollar coin for the paper dollar will be BAD LUCK; and then you will deserve the 1929 Crash and Depression you will get.

July 25 2013 at 10:54 PM Report abuse rate up rate down Reply
YourFtr

You can't get the front and back of the Great Seal of the United States on the obverse and reverse of a Dollar coin and still have room for 'Liberty', 'In God we Trust', the Year, the Mint Mark, the phrase 'United States of America', the phrase 'One Dollar'.
Trying to use the rim of the coin for some of those is stupid-looking and tacky.

July 25 2013 at 10:47 PM Report abuse rate up rate down Reply
glennellen418

Where can you get a slice of pizza for a buck?

July 25 2013 at 10:40 PM Report abuse rate up rate down Reply
YourFtr

Also; the "Presidential Dollar" series is also useless; except for collectors.
How many million bags of these do we have sitting around in the Federal reserve??

If they were minted at all; they should have been minted in Gold or Silver !!

July 25 2013 at 10:14 PM Report abuse rate up rate down Reply
YourFtr

If you want to save money; stop minting the 50 cents piece; except for collectors.
we only got, like 10-20 million bags of these in the Federal reserve. Retailors hate them.
Also stop minting the stupid "Golden Dollar" which was finally admitted to be the "Native American dollar"
we only got about 10-20 million bags of these sitting around in the Federal reserve vaults.
The US public is not going to walk around with 20 1$ coins inn their purse of pocket !!

July 25 2013 at 10:11 PM Report abuse rate up rate down Reply