Convenience should be swapped for pragmatism
George Washington may need to be evicted from his 143-year reign on the $1 bill, or so advises the Government Accountability Office, the investigative arm of Congress, in order to further cut spending by replacing dollar bills with coins. The change is not without good reason — a solid $4.4 billion of taxpayer’s money would be saved over the course of 30 years. However, many Americans believe that the practical change may not be worth the humbling of pride surrounding the usage of our dollar bill.
Those that have used the Euro or Canadian dollar already have a teaser for what it’s like to walk around with a heavy pocket full of change. Admittedly, it is cumbersome and tiring in comparison to the featherweight dollar bill that rests so easily in the creases of your wallet. Furthermore, there’s the fact that George Washington, ostensibly the patron saint of the United States of America, has his mug right there on the dollar bill. To some, scrapping the dollar bill would be a slap in the face to our rich history. As one would expect, the motivation to depart from tradition has been lackluster, which is made evident by the decades of the GAO’s fruitless lobbying towards the scuttling of the dollar bill and adoption of its entirely metallic replacement.
Their efforts are not without just cause. As previously mentioned, the switch would save the U.S. $4.4 billion in taxpayer dollars. Furthermore, it would theoretically provide some stimulus to mining and metal companies, as well as services that deal primarily with small money, such as vending machine companies and mass transit public transportation. Finally, there are environmental benefits. Coins are expected to last almost 40 years, while dollar bills usually last four years before suffering from wear and tear that could ruin their integrity and render them useless. Once those bills become unusable, they’re usually tossed into a landfill. The entire process, from print to burial, is an unnecessary cost on the taxpayer.
Not surprisingly though, there’s a lot of opposition from consumers. No one wants to tote around heavy coins in replacement of the dollar bills we have now. A hefty 70 percent of those surveyed by Lincoln Park Strategies said they wanted the keep the dollar bill as a bill. A further 73 percent wrote that a transition to the dollar coin is unnecessary. Clearly, sentiments against the dollar coin are strong, and even if we did make the switch to the dollar coin, the $4.4 billion saved is but a drop in the fiscal bucket.
However, the transition ought to be one of ideology rather than pure results. Tradition, although rich, should be exchanged for pragmatism — at least in this scenario. Sure, the dollar bill is among the many symbols of American pride and nationalism, but in this trying time we ought to take the steps necessary towards alleviating more immediate issues, such as the formidable debt we are faced with.