McCain introduces bill to update currency, eliminate penny

WASHINGTON (WKYT) - Sen. John McCain (R-AZ) and Senate Budget Committee Chairman Mike Enzi (R-WY) have reintroduced a bill that would modernize currency in the U.S.

According to a press release on McCain's website, The Currency Optimization, Innovation, and National Savings Act of 2017 (COINS Act) would "modernize our currency by moving to a $1 dollar coin."

Sen. Enzi says switching from a dollar bill to a dollar coin "could save our country $150 million a year."

The COINS Act would also "reduce the cost of nickel production and suspend the minting of the penny, which currently costs more than one cent to produce."

According to the press release, these changes "could generate up to $16 billion in taxpayer savings," though details weren't given on how long it would take to reach that number.

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