Not Buying the COIN (Act)

11-7-2011 • Free Patriot Press

The U.S. Congress is currently considering a bill (HR 2977 “Currency Optimization, Innovation, and National Savings Act” also called the COIN Act; not to be confused with HR 2635 “Cutting Out Inefficient and Needless Spending Act” or COINS Act) that could save the federal government an estimated $5.5 billion over 30 years, or roughly $184 million per year, by replacing the $1 bill with a $1 coin. A recent Government Accountability Office (GAO) report states, “...GAO’s analysis, which assumes a 4-year transition period... indicates that the benefit would vary over the 30 years.... the [federal] government would incur a net loss in the first 4 years and then realize a net benefit in the remaining years.” While I generally support legislation that cuts spending, I do not believe the COIN Act goes far enough. The COIN Act allows the Federal Reserve to continue printing $1 bills for 4 years or until the U.S. Mint begins circulating 600 million dollar coins per year, whichever is first. The