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Congress Is Thinking Of Replacing $1 Bill With A Coin…

The United States Congress is contemplating replacing the $1 bill with a coin. By doing so, they hope to save billions of dollar’s in printing costs.

The COINS Act could save taxpayers billions of dollars but has caused some debate among business owners.  Although it’s cheaper to produce a $1 bill, the lifespan of a coin averages 30 years; in comparison to a bill, which has to be replaced every few years.  Many other countries such as Japan and Spain, have already replaced lower denomination currency with coins.

Although it would save the United States money, there are concerns for small businesses.  For example, vending machine companies will have to invest in new equipment. The replacement of equipment to incorporate these new coins might prove to be extremely costly to the private sector.

If the COINS Act were to pass, it is unlikely that it would force businesses into an immediate change. The elimination of dollar bills, would take some time. Many would argue, that by opting to phase-out the dollar bill now, it will allow some room for businesses to take into consideration, when repairing and upgrading equipment.

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