Although a dollar coin costs more to make, it lasts much longer than a dollar bill. However, coins are heavier and less comfortable to use. The US spends $800 million annually on currency production, with $100 bills making up 80% of circulation and 37% of physical currency held outside the US.
Although a dollar coin is three times more expensive to make, it lasts more than 17 times longer than a dollar bill. It costs 5.4 cents to make a $1 bill and lasts an average of 21 months. A 1 dollar coin, on the other hand, costs 18.03 cents and lasts 30 years. While the coins are therefore cheaper to produce, there are additional costs due to the much greater weight of the coins. Coins are more than eight times heavier than banknotes and far less comfortable for people and businesses to use.
Learn more about the currency:
The United States spends about $800 million annually on the production of new currency.
$100 bills make up about 80% of all U.S. currency in circulation.
The Federal Reserve estimates that approximately 37% of US physical currency is actually held outside the US.
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