On September 20, Congressman Schweikert submitted legislation to phase out $1 bills. (www.coinsact.us)
According to a Citizens Against Government Waste (CAGW) article, "A March 4, 2011 Government Accountability Office (GAO) report concluded that replacing the $1 bill with the $1 coin would save taxpayers an average of $184 million annually and a total of $5.5 billion over the next 30 years."
The GAO report also observed that, "Over the last 47 years, Australia, Canada, France, Japan, the Netherlands, New Zealand, Norway, Russia, Spain, and the UK, among others, have replaced lower-denomination notes with coins…Canadian officials later determined that the Canadian government saved $450 million (Canadian) between 1987 and 1991."
For the rest of CAGW's article, go to WWW.COINSACT.INFO.