The federal government is currently exploring the possibility of doing away with the $1 bill as a way to save taxpayers money, according to The Huffington Post.
While there would be some upfront costs involved in making the switch, the measure could save as much as $4.4 billion over the next three decades. That savings comes from the fact that coins stand up to the test of time longer than paper bills, the Post reports.
A report is currently being put together for Congress by the Mint. It explores not only a change in $1 currency, but also the metals used in the making of coins.
While other countries like Canada use $1 coins, previous introductions of them in the U.S.
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