Dick Johnson submitted these thoughts on an editorial concerning the proposed abolition of the one dollar bill. Thanks!
The Baltimore Sun ran an article and an editorial this week on the same subject: The U.S one-dollar bill. Should the paper dollar be abolished in favor of wider circulation of one-dollar coins?
Here, again, this is a plan to attack only one arm of our monetary system. Any piecemeal solution is bound to fall flat. What is needed is a complete overhaul of all U.S. coins. I will not comment about our paper currency as I have not studied it.
But study coins I have. With an eye to what coins should we have in the future -- most significantly what denominations -- I foresee what those should be, their composition, size and other features. I studied every aspect, even the intended death of every coin, retired from circulation such as scrapping, melting, and recoining. The historical records of coinages of the past need to be matched to the needs of coinages of the future for the most efficient use by every citizen, and every level of commerce.
There are so many factors, and an over abundance of lobbying, that Congress, the ultimate arbitrator of the problem, is hesitant to make any decision.
It was interesting to read the public comments to the Sun's editorial. If you are interested you can click on to:
Dollar coin could save U.S. more than pocket change
Wayne Homren, Editor
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