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By David A. Clarke Jr.
Blame Washington's intelligence failure, not lack of police
Topic - Lorelei St. James
American consumers have shown about as much appetite for the $1 coin as children do their spinach. They may not know what's best for them either. Congressional auditors say that eliminating dollar bills and replacing them with coins could save taxpayers some $4.4 billion over the next 30 years.
GAO's Lorelei St. James told the House Financial Services panel that it would take several years for the benefits of switching from paper bills to dollar coins to catch up with the cost of making the change.
But over the years, the savings would begin to accrue, she said, largely because a $1 coin could stay in circulation for 30 years while paper bills have to be replaced every four or five years on average.