David Schweikert's Plan for Dollar Coins: Yay or Nay?

Arizona Republican Congressman David Schweikert's trying to phase out the dollar bill, and replace it with a dollar coin through his "COINS" Act.

According to a poll commissioned by a pro-dollar bill advocacy group, Schweikert's own Republican constituents and base voters aren't too hip to the idea by a pretty wide margin.

Schweikert's "COINS" Act, which he introduced in September, is meant to be a way to save the taxpayers money, as Schweikert's office claims the act would save the country $5.5 billion over 30 years.

The act would require Federal Reserve banks to stop issuing dollar bills four years after the legislation is enacted, or when the circulation of dollar coins reaches 600 million annually, whichever comes first.

Paper, as you can imagine, has to be replaced more frequently than coins, and Schweikert says a dollar coin lasts as long as 17 dollar bills.

The poll results say 87 percent of Schweikert-committed voters oppose the COINS Act, and 81 percent of Republicans committed to Congressman Ben Quayle in the state's sixth Congressional district don't like it either.

Sixty-six percent said the dollar bill is "more American" than the coin, and 79 percent say it's "unnecessary" and "unwanted."

According to the "Dollar Coin Alliance," they're "questioning" the polls -- which are being commissioned across the country by the pro-dollar bill group -- because the poll questions don't mention the projected savings under the coin plan.

A comment posted on yesterday's blog under the name of "Dollar Coin Alliance" pointed to multiple Government Accountability Office reports advocating the switch.

This morning's question: Do you support replacing the dollar bill with a dollar coin? Cast your vote below:

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Matthew Hendley
Contact: Matthew Hendley