1/24/2024 0 Comments Us coins in circulationFor example, armored carriers told GAO that their transportation costs would increase because coins weigh more than notes.Įstimated Cumulative Present-Value Net Loss to the Government from Actively and Gradually Replacing $1 Notes with $1 Coins over 30 Years Seven of 10 stakeholders GAO met with said that replacing the $1 note with a $1 coin would result in additional costs. Stakeholders generally identified few benefits from replacing $1 notes with $1 coins. For example, the lifespan of the $1 note has more than doubled since a 2011 GAO analysis, from 3.3 years to 7.9 years, largely due to changes in note processing technology. GAO's estimates are based on current data and economic projections, which have changed over time. These simulations represent the first time GAO has found that replacing the $1 note with a $1 coin would result in a net loss to the government rather than a net benefit. GAO found the government would incur a loss of about $611 million if notes were actively replaced and about $2.6 billion if $1 notes were replaced gradually (see figure). GAO's analysis found that replacing the $1 note with a $1 coin would likely result in a net loss to the government over 30 years.
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