2016-03-03 Thu

Aaron Klein, a former deputy assistant secretary of the Treasury (2009-2013) and a consultant to the Dollar Coin Alliance, expressed his concern on rethinking about the U.S one-dollar currency.

He suggests that switching from the dollar bill to the dollar coin would save taxpayers at least $4 billion over 30 years, according to the conservative estimate of the Government Accountability Office. Canada made the switch in the late 1980s which was so popular that $2 coins were also introduced.

According to the Secret Service, counterfeiting coins is minimal. As high-quality printing technology becomes more prevalent, paper currency on the other hand can be easily duplicated.

Aaron states that the idea of this switch has been accepted by two-thirds of the American public due to the huge savings involved. Bipartisan legislation would reduce the deficit without raising a single tax or cutting a single program.