U.S. Senators Mike Enzi of Wyoming and John McCain of Arizona reintroduced the COINS Act last week, pushing to replace the dollar bill with a coin. The legislation would also create a cheaper process for producing nickels and eliminate the penny, which the treasury has said costs more than it is worth.
Proponents of these changes say they will add billions of dollars to the federal budget. Similar bills have failed in multiple recent sessions, but Press Secretary Max D’Onofrio said Enzi sees the bill as a tool to reduce the deficit.