The elimination of the $1.00 coin, pat me on the back, I did what common sense would dictate (sort of)

Let’s say you are sitting in your office and an employee comes to you and says he thinks he should stop producing widgets. Why, you ask. Well because there is a two-year supply in the warehouse and nobody is buying them. A two-year supply and you are still producing them, what the hell took so long for you to figure out you should stop production?  Well, you didn’t say you wanted to save money until last week. Get out you moron, you’re fired!

Now, let’s look at the pat on the back released by government on December 13th. Do you want to bet nobody gets fired.

As part of the Obama Administration’s Campaign to Cut Waste, Vice President Biden today announced the U.S. Mint would suspend the production of presidential dollar coins for circulation. Today, nearly 1.4 billion surplus dollar coins are sitting in Federal Reserve vaults due to lack of demand for the coins. By halting this unnecessary production, the administration will save taxpayers at least $50 million per year in production and storage costs.  The vice president made today’s announcement at a Cabinet meeting focused on the president’s commitment to cut waste and eliminate misspent dollars across the federal government.

Of course, the other alternative would be to promote the use of the coins or cut back on paper dollars to increase demand for the more durable coins. The coins cost fifteen cents to produce and last about forever.  The dollar costs 4.2 cents to produce and last from 18-22 months.  What is the best way to save money?

They use both one and two Euro coins and they are quite convenient.