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The Save the Greenback Act was legislation proposed, but not passed, in the United States Congress in 1995 and 1997 forbidding the phase-out of the United States one-dollar bill. Type Bicameral Houses Senate House of Representatives President of the Senate Dick Cheney, R, since January 20, 2001 Speaker of the House Dennis Hastert, R, since January 6, 1999 Members 535 plus 4 Delegates and 1 Resident Commissioner Political groups (as of January 4, 2005 elections) Democratic Party Republican Party...
1995 (MCMXCV) was a common year starting on Sunday of the Gregorian calendar. ...
1997 (MCMXCVII) was a common year starting on Wednesday of the Gregorian calendar. ...
Obverse of the $1 bill Reverse of the $1 bill The United States one-dollar bill ($1) is a denomination of U.S. currency. ...
It stated simply, "Notwithstanding any other provision of law, the Secretary of the Treasury and the Board of Governors of the Federal Reserve System shall take such action as may be necessary to ensure that the number of Federal reserve notes in the denomination of $1 which are in circulation at any time does not decrease below the number of such reserve notes in circulation as of the date of the enactment of this Act." The United States Secretary of the Treasury is the finance minister of the Federal Government of the United States. ...
The Federal Reserve System is headquartered in the Eccles Building on Constitution Avenue in Washington, DC. The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central bank of the United States. ...
In a February 24, 1995 speech introducing the Save the Greenback Act, Rep. Thomas M. Davis gave several arguments against phasing out the one-dollar bill[1]: February 24 is the 55th day of the year in the Gregorian Calendar. ...
1995 (MCMXCV) was a common year starting on Sunday of the Gregorian calendar. ...
Thomas M. Tom Davis III (born January 5, 1949 in Minot, North Dakota) is a Republican member of the United States House of Representatives, representing the Eleventh Congressional District of Virginia (map) in Northern Virginia. ...
- A great number of people's "pockets will be weighted down with heavy change instead of having a few bills tucked into their billfolds . . . one might suspect a conspiracy by clothing manufacturers in drafting the dollar coin proposal, as everyone's pockets begin to wear out."
- Several polls have shown that Americans prefer the one-dollar bill to a dollar coin.
- "[L]egislation designed to eliminate the dollar bill will an excuse by the special interests to raise prices on everyday items--a future sales tax, to be levied on all Americans but falling the hardest on those who can least afford it."
- The failure of the Susan B. Anthony dollar demonstrated that introduction of a dollar coin does not save the federal government money. Proponents of the dollar coin argue, however, that the Anthony dollar was poorly designed because of its similarity to a quarter, which more recent dollar coin attempts successfully address.
- "The costs of changing to a 1 dollar coin would be significant to many in the private sector including but not limited to the small town banks which would have to retool their coin counting, wrapping and sorting equipment--costs which would inevitably be passed on to their customers."
Notwithstanding these arguments, many people contend that $1 is far too low a denomination for a paper note at today's price levels and point to the example of virtually every other developed country, whose lowest-denomination banknotes are worth several times more. Most vending machines, for example, need to install dollar bill readers because their commodities have become more expensive due to inflation, a problem compounded by the bills' often being crumpled, torn, or otherwise unreadable. Dollar coins have been minted in the United States in gold, silver and base metal versions. ...
The Susan B. Anthony dollar is a United States coin minted between 1979 and 1981, and again in 1999. ...
A vending machine is a machine that dispenses merchandise when a customer deposits a sufficient amount of money into a slot. ...
Furthermore, the continuation of the dollar bill discourages any meaningful reform of the coinage, as people would be slow to use any dollar coin with the dollar bill still around simply out of habit, as proven with the Sacagawea dollar. Lastly, other countries, including the entire Eurozone, Australia, Canada, New Zealand, and Britain have successfully made similar transitions. Habituation is an example of non-associative learning in which there is a progressive diminution of behavioral response probability with repetition of a stimulus. ...
The Sacagawea dollar is the current United States dollar coin. ...
The Eurozone (also called Euro Area, Eurosystem or Euroland) is the subset of European Union member states which have adopted the euro, creating a currency union. ...
For comparison, here are the lowest-denomination banknotes of some other developed countries, with their approximate U.S. dollar values as of February 2007 in parentheses:
ISO 4217 Code AUD User(s) Australia, Kiribati, Nauru, Tuvalu, Christmas Island, Cocos (Keeling) Islands, and Norfolk Island Inflation 3. ...
For details of notes and coins, see British coinage and British banknotes. ...
ISO 4217 Code CAD User(s) Canada Inflation 2. ...
ISO 4217 Code EUR User(s) European Union: Austria, Belgium, Finland, France, Germany, Greece, Republic of Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia and Spain. ...
The Hong Kong dollar (currency code HKD) is the currency of the Hong Kong Special Administrative Region of the Peoples Republic of China, and has been the currency of Hong Kong since 1937. ...
ISO 4217 Code JPY User(s) Japan Inflation -0. ...
A New Zealand $100 polymer banknote, replacement of the old paper notes. ...
ISO 4217 Code SEK User(s) Sweden Inflation 1. ...
ISO 4217 Code CHF User(s) Switzerland, Liechtenstein, Campione dItalia Inflation 1. ...
See also
The United States $1 Coin Act of 1997 was legislation passed by the United States Congress providing for a redesigned gold colored coin with a distinctive new rim. ...
References - Save the Greenback Act, House of Representatives, 24 February 1995.
- To require the continued availability of $1 Federal Reserve Notes for circulation.
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