Earl Weiss
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There is also a HUGE discrepency with some reported figures.
One site says th $1 notes cost 75 cents to produce with a 6 month life and therefore assesses a $1.50 per note in annual costs
http://www.coincommunity.com/forum/topic.asp?TOPIC_ID=83712
(not surewhere he got the 75 cent figure.
It only makes logical sense to replace the dollar note with the dollar coin - or does it?
At a cost of over 75c per note with an approximate six-month life span, the United States Treasury spends about $1.50 per annum for each linen dollar in circulation. Conversely, at a cost of about 5 cents per coin with a life span of nearly two decades (even if they were in circulation), the Treasury would spend about 1/4 of a cent per annum for each dollar coin in circulation. You do the math - it's pretty simple. We should switch to using $1 coins in a housekeeping effort to save us all a lot of taxpayer money - right?
and the govenrment office says 5.5 cents to produce.
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Q: How much does it cost to produce currency?
A: Each year, the Federal Reserve Board projects the need for new currency, which it acquires from the Department of the Treasury's Bureau of Engraving and Printing at the cost of production. The new-currency budget for 2011 is $676.1 million, and reflects the following costs per denomination:
■$1 and $2 notes -- 5.5 cents per note
■$5 and $10 notes -- 9.9 cents per note
■$20 and $50 notes --10.9 cents per note
■$100 note -- 9.9 cents per note
You can read further details on the production costs for Federal Reserve notes from the new currency budget (Off-site Link).
SOURCE: Board of Governors, FAQs (http://www.federalreserve.gov/faqs/currency_12771.htm) (Off-site Link)
This site says 9.6 cents per note but that includes all denominations with $1 being the lowest cost.
http://www.moneyfactory.gov/uscurrency/annualproductionfigures.html
One site says th $1 notes cost 75 cents to produce with a 6 month life and therefore assesses a $1.50 per note in annual costs
http://www.coincommunity.com/forum/topic.asp?TOPIC_ID=83712
(not surewhere he got the 75 cent figure.
It only makes logical sense to replace the dollar note with the dollar coin - or does it?
At a cost of over 75c per note with an approximate six-month life span, the United States Treasury spends about $1.50 per annum for each linen dollar in circulation. Conversely, at a cost of about 5 cents per coin with a life span of nearly two decades (even if they were in circulation), the Treasury would spend about 1/4 of a cent per annum for each dollar coin in circulation. You do the math - it's pretty simple. We should switch to using $1 coins in a housekeeping effort to save us all a lot of taxpayer money - right?
and the govenrment office says 5.5 cents to produce.
--------------------------------------------------
Q: How much does it cost to produce currency?
A: Each year, the Federal Reserve Board projects the need for new currency, which it acquires from the Department of the Treasury's Bureau of Engraving and Printing at the cost of production. The new-currency budget for 2011 is $676.1 million, and reflects the following costs per denomination:
■$1 and $2 notes -- 5.5 cents per note
■$5 and $10 notes -- 9.9 cents per note
■$20 and $50 notes --10.9 cents per note
■$100 note -- 9.9 cents per note
You can read further details on the production costs for Federal Reserve notes from the new currency budget (Off-site Link).
SOURCE: Board of Governors, FAQs (http://www.federalreserve.gov/faqs/currency_12771.htm) (Off-site Link)
This site says 9.6 cents per note but that includes all denominations with $1 being the lowest cost.
http://www.moneyfactory.gov/uscurrency/annualproductionfigures.html
