Coins of America is pleased to share news regarding new legislation that would encourage the use of more $1 coins in circulation and would also phase-out 1$ bills.  The legislation was introduced to the Senate on January 31 by Senators Harkin and McCain who authored the bipartisan bill that could save the taxpayers 5.5 Billion dollars over the next 30 years.

• Bill Name: The Currency Optimization, Innovation and National Saving Act (COINS), S-2049

The bill already has the support of 2 other senators and is the Senate version of the COINS ACT introduced in the House last year.  Senators Harkin and McCain understand the importance of moving the $1 coin into circulation and the long-term financial savings that would be provided to taxpayers, and are moving forward in spite of the controversial decision by the Obama administration on December 12, 2011 to cut production of the $1 coins.

Studies have shown that a single $1 coin will last 30 years having a significantly lower impact on the environment than $1 bills.  To learn more visit the Dollar Coin Alliance for facts about the $1 coin.

Coins of America applauds the efforts of Senators Harkin and McCain and we will do our part to promote the use of $1 coins.

Want to stay informed on this issue? Sign-up for the Coins of America newsletter to receive news updates, special offers and coin release notices.