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Expert: Paper Dollar Wins, Coin Loses
Robert Whaples isn’t afraid to take a stand. A recent article in the Wall Street Journal, "U.S. Should replace dollar bills with coins, GAO says" suggests that switching to dollar coins could provide $4.4 billion in “net benefits” to the federal government over 30 years. Whaples, who reviewed the GAO report last April, says the arguments are weak.
Whaples is a strong advocate for the financial benefits of eliminating the penny. If the mint stopped making pennies, he argues the U.S. could save $900 million per year.
Whaples says:
"The more I read the GAO report, the less I agreed with it. The government can make profits in all sorts of bad ways."
"People are going to be putting dollar coins on top of their bureaus instead of spending them for transactions and that is a big waste of resources. This does not seem like a good way to raise money."
Contact Kimberly McGrath at Wake Forest University News, to arrange an interview with Whaples. Email: mcgratka@wfu.edu Phone: 336-758-3209.
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