Replacing the $1 paper bill with a $1 coin has been estimated to potentially save over $5 billion dollars over 30 years. This is due to that fact that coins are more durable and do not need to be replaced as often as paper bills which wear thin and tear more quickly.
Past efforts to save on the cost of printing the $1 paper bill have only focused on making a quality $1 coin. To succeed in this simple cost cutting measure, we must also stop printing the $1 paper bill, which will increase the use of the $1 coin.
Coins are estimated to last over 30 years in circulation, while paper bills, particularly the $1 bill, last only 18 months on average. This is a simple change that can save billions of dollars. This would also address the problem of billions in minted $1 coins stored at the mint.