Originally Posted by
ANDREWCX
I was almost certain that the dollar bill had been phased out in the past but now I look for it, I find that although that was part of the various (pre-presidential) $1 Coin congressional bills - it may never have happened. I know it was congresses intent at the time.
Just the opposite is true. Congress has consistently PREVENTED the government from phasing out the $1 bill. Public Law 105-124 (which authorized the Sacagawea dollar coin) states in section 5:
RULE OF CONSTRUCTION. Nothing in this Act or the amendments made by this Act shall be construed to evidence any intention to eliminate or to limit the printing or circulation of United States currency in the $1 denomination.
Even the U.S. Mint states on its website:
Would the use of the Golden Dollar in lieu of the paper dollar save money and if yes why doesn’t the United States Mint eliminate the paper dollar?
The use of the Golden Dollar coin in lieu of the paper dollar would ultimately save money. The General Accounting Office’s (GAO) stated potential savings of up to $500 million in a report issued September 2002, which was calculated on the premise that the U.S.Government cease production of the paper one-dollar bill. However, the United States Dollar Coin Act of 1997, which authorizes the Golden Dollar, did not call for the elimination of the paper dollar. Consequently, dollar coins and dollar notes co-circulate in the marketplace. The United States Mint does not have the authority to change existing legislation thus, full cost savings cannot be realized.