Do you know how long a dollar bill lives? A paper dollar’s life span is between 1.5 and two years. So who cares?
Nobody cares because the general public has no idea what the cost of printing a dollar bill. The Bureau of Engraving and Printing produces around 4 billion one-dollar notes per year, which is about half of all bills produced at a cost of hundreds of millions of dollars. And each year, more than 3 billion of these worn dollars are pulled from circulation, shredded and sent to landfills.
Although the constitution gives Congress the authority to mint coins, here is just one more instance where a federal agency has made a power grab. The Federal Reserve reports to no one. Yet they control the amount of money in circulation.
When I was young we had a silver dollar, a dollar coin. The coin does not need to be made out of silver but it is economically wise to have a metal coin rather than a paper dollar. One dollar coin lasts for 30 years — not 2 — costs less to mint and weighs less than four quarters. Some might say will that will only help the mining companies.
Yes, that is true but did you know there is only one company that produces the paper a dollar bill is printed on. At least the U.S. Mint has real competition for their metal supply.
Larry “Lucky” Chesley