Tom Harkin: One Dollar Coins
on Friday, November 30, 2012John Harkin Money Quote saying One dollar coins cost more to make than the paper bill, but last much longer – so the Iowa Democrat is seeking replacement of $1 paper currency. John Harkin said:
“It’s way more efficient than a paper dollar, Canada has a coin that’s worth $2… Switzerland has one worth about $5… And yet, what have we got? We got a 25-cent piece” — Tom Harkin
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In this quote, Tom Harkin is expressing disappointment with the relatively low value of American coins compared to those of other countries. He notes that Canada has a $2 coin and Switzerland a coin worth about $5, while the highest denomination American coin is only 25 cents.
Harkin seems to believe this shows the U.S. monetary system is less “efficient” by requiring more coins of smaller values to complete transactions. The quote suggests Harkin thinks America should adopt higher value coins similar to other nations as a more practical way to handle commerce than relying primarily on paper bills and low denomination coins.
Overall, he appears to be advocating for modernizing the U.S. coin system to include coins of $1, $2 or $5 value to streamline transactions and bring American currency more in line with international standards.