The GAO has literally proposed the death of the Dollar — the paper-based $1.00 bill that is. Several times over the last 20 years, without any success, the GAO has proposed moving to coinage. The problem is… …Americans would rather carry $20.00 worth of $1.00 bills than $20.00 worth of $1.00 coins — my pockets sag at the thought.
In a 2002 survey, 64% of Americans were against the change. I suspect folks just like putting flat and light dollar bills into a billfold more than a pocketful of heavy coins.
One serious opponent of the change would be the Exotic Dance industry:
- The ability for exotic dancers to accept the $1.00 in paper form is paramount to their craft. Imagine the additional cost in performance attire required by the affect of the additional weight of the $1.00 coin. The implications to the ambiance and execution of their art are palpable when coins fall from their uniform when in and inverted position on the stage’s staff.
- Customers of the exotic dance industry also would face the harsh reality of carrying mountains of heavy coins to their chosen entertainment venue resulting in sagging pants, trips, falls, knee and hip replacements, and protruding disks. The circular navigation caused by the additional weight of coins in only one pocket could result in missing clientele.
But on a serious note, the $522 Million per year that might be saved by the Federal Government is simply the cost to repair the Bastiat’s butcher’s broken window. The government may save money, they may even see more tax revenue, temporarily, as vending machines, change machines, coin changers and all manner of coin and dollar processing hardware are replaced. But those replacing that hardware would have certainly invested that money in something far more productive than simply replacing existing and functional machinery.
Break out the eye-chart my friends, the short-sightedness of the Federal Government is once again on display.