WASTE WATCH: Saving billions by getting rid of $1 bills
NASHVILLE, Tenn. —
A Fox 17 Waste Watch report shows the cost of money keeps adding up.
The Government Accountability Office said billions of dollars can be saved if we stop spending the dollar bill.
The U.S. Federal Government would have you spend coins instead.
The GAO has recommended getting rid of the dollar bill six times in the past 22 years, claiming it would save the government $13 billion dollars in the next three decades.
But the question remains whether the costs-savings would be passed down to tax payers.
"Change" would be needed to adapt coin machines. Transportation and storage costs would also be more than they would for the dollar bill.
Public opinion of the change, though low in the past, continues to grow, according to the GAO.
There may be a change to the nickel as well, made of different metals that cost less to make. Pennies could also be on their way out, costing more to make than they're valued.
Not having them in circulation would save the government an additional billion dollars over the next decade, according to the GAO.
Right now, the House and Senate in Washington are considering whether to pass the Currency Modernization Bill.