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Monday, March 31, 2008

Currency Reform

The Freakonomics blog notes "Producing a penny costs about 1.7 cents, and the Treasury’s annual penny deficit is about $50 million, according to a New Yorker article by David Owen."

Heck, let's get radical here:

Get rid of the penny.
Get rid of the nickel.

Put Reagan on the dime -- on the back, so Roosevelt looks to the left on the front, and Reagan looks to the right on the back.

Get rid of $1 bills. $1 coins will work if we get rid of pennies so there's an open slot in the cash register.

Introduce a $3 bill, with Bill Clinton on it. ;)

Introduce a 50 cent piece with the back sold to the highest bidder. So, for 2009 we might have "Pepsi" on the back, followed by "Chevrolet" in 2010. Open question: do they have to be US companies?