US Senators Propose Replacing the Dollar Bill with a Coin - KSWO 7News | Breaking News, Weather and Sports

US Senators Propose Replacing the Dollar Bill with a Coin

LAWTON, Okla._United States Senator Tom Coburn is trying again to replace the $1 bill with a $1 coin.

He joined four other senators in proposing legislation to make the change. It's a measure he believes would save the U.S. between $200 million and $500 million each year, while reducing the current deficit.

A similar change in Canada actually ended up saving that country more than expected, but not everyone believes the money saved is worth the change.

Most people that talked to 7News Friday were literally against the change. It is an idea that has had a lot of public opposition in the past. So Friday, we asked people what they thought about the proposed change, and if saving the government money would change their mind.

"I prefer the dollar bills over the coins simply because it is easier for me to keep in my purse. Coins it gets so bulky," said Sundra Hank.

And most people agree that the convenience of the dollar bill is not something they are willing to give up, especially people who handle large amounts of money everyday.

"I prefer dollar bills, just because when we work here we are so busy when someone hands us a dollar coin and we throw it in with our other change. It can get mixed up with our quarters and we can give it back as a quarter, and we do not get the full dollar," said Claunch.

As a car hop at a local drive-in, Megan Claunch gets a lot of dollar bills from her customers. If they were coins, it could hinder her ability to do her job.

"Change gets very heavy, and it sags because you carry it in your money bag. And you would have to empty it out very constantly," said Claunch.

But moving to the dollar coin is something that a number of studies have shown as a smart investment. In other countries, the change has generated significant savings, and that information made some people change their minds.

"Anyway that we can cut cost with the government is a good thing," said Sundra Hank.

"I would probably be more inclined to use the coin if it's going to save the government money," said Leo Servin.

"Anything that would cut the deficit or help out in any way with federal funding then I am all for it," said Billy Allen.

7News only found one person Friday who was truly in favor of moving to coins. If the act became law, dollar bills would maintain their value and judging by Friday's response it appears most people would continue to use the dollar bill as long as they could.

According to the proposed act, the Federal Reserve would be allowed to continue putting $1 bills into circulation for 4 years after the law goes into effect.  

Powered by Frankly