"The United States should stop producing one-dollar bills and one-cent coins," declares award-winning rare coins and precious metals expert and author Mike Fuljenz, President of Universal Coin & Bullion (www.UniversalCoin.com) in Beaumont, Texas. He issued his money-saving message in advance of the World's Fair of Money in Chicago, August 13 - 17, 2013. "We are long overdue in following the lead of many other countries that have successfully eliminated their lowest denomination paper money and coins. It costs about two cents to make each penny. Billions of them were struck last year, so Uncle Sam lost about $58 million just making pennies. It's impractical to keep producing cents," said Fuljenz in a recent press release.
The great debate continues and deepens. Not only does it cost more than a penny to make a penny, the United States has billions and billions of Presidential dollars, Sacajawea dollars and Native American dollars in storage; All the coins that nobody wants. While a coin lasts between 30 and 50 years in circulation, the average one dollar bill only last 18 months. Should we do away with the penny and the paper dollar bill? Post your comments or cast your vote in the poll below.
Image courtesy of: James Bucki