Feds to push again for dollar coins only

This undated photo provided by the U.S. Mint shows the President John Adams presidential $1 coin. The second dollar coin in the new presidential series goes into circulation around the country on Thursday, May 17, 2007, with the U.S. Mint hoping it can turn 18th century statesman John Adams into a 21st century marketing phenomenon. (AP Photo/US Mint)

November 28, 2012 5:34:04 PM PST
The Government Accountability Office will try once again Thursday to make its case for one dollar coins, instead of dollar bills.

In a hearing before a House Committee, the non-partisan, investigative arm of Congress will try to convince the U.S. why coins make more sense.

The GAO says a one dollar coin typically costs about 30 cents for the U.S. Mint to produce, but the government can sell them to Americans for a dollar each.

In contrast, producing a dollar bill is much cheaper; it only costs about 5 cents apiece. However, they wear out far more quickly than coins, and typical last less than five years.

This won't be the first time the GAO makes its case; it's been recommending the change for 22 years.

But it's a hard sell.

Most Americans, the vending machine industry and even the Federal Reserve are staunchly opposed to the switch.

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