10:31 PM
Jalal HB
Full Story: Money Land Time October 26, 2011
The 1-Dollar bill have become a familiar site all over the world, but it may soon start to disappear and be replaced with the old one dollar coin. A 12-member Committee of Deficit Reduction is presently considering the proposal of phasing out the 1-dollar bill and replace it with the coin.
The move is based on the analogy that a paper bill lasts only 42 months while a coin lasts for ever. The proposal if implemented may allow a saving of some $5.6 billion over next 30 years. It may be added here that one dollar coins worth $1 billion are lying useless in the Federal Reserve’s vault and such a decision would make them of their worth once again.
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