The idea of replacing America's iconic $1 bill with a copper alternative has been bouncing around the Senatorial echo chamber for decades, but it's only with the recent establishment of a financial super-committee that the one dollar coin has gained renewed viability.
Partly in an effort to maintain the cultural heritage of America's currency, but chiefly due to lobbying pressure from the paper and cotton-producing industries, Capitol Hill has kept any possibilities of a one dollar coin at bay. But a recent investigation by the Government Accountability Office noted that the longer lifespan of coins - 4.2 years, as opposed to 1.8 years for notes -- would save the government $5.6 billion within 30 years! Thus far, some commemorative dollar coins have been issued, but most have disappear from cash registers due to frugal collectors and a perceived sense of rarity. But during these trying economic times, America may have to let go of some luxuries, including paper money. But hey, at least Canadians and Americans will have one more thing in common!
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