GAO Reports on $1 Coin vs $1 Note

I just read both the 2011 GAO Report on the dollar coin (“US Coins: Replacing the $1 Note With a $1 Coin Would Provide a Financial Benefit to the Government”) and its 2012 followup, “US Coins: Alternative Scenarios Suggest Different Benefits and Losses from Replacing the $1 Note with a $1 Coin.” I’m not going … Continue reading

Main Points in 2005 GAO Report

“Currency Paper Procurement: Additional Analysis Would Help Determine Whether a Second Supplier is Needed” This 2005 GAO report was a follow-up to the one that was done in 1998. It checks up on the BEP’s progress in trying to create competition in the bidding for the US currency paper contract and puts forward more recommendations … Continue reading

Main points in 1998 GAO Report

“Currency Paper Procurement: Meaningful Competition Unlikely Under Current Conditions” Purpose: Congress was “concerned about the lack of competition in the procurement of currency paper, fairness and reasonableness of prices paid, and possibility of disruptions to paper supplies.” It directed the GAO to do an analysis the current system and report back on optimum circumstances for … Continue reading

GAO Report 1998: Who takes care of currency?

From the 1998 GAO report (“Meaningful Competition Unlikely Under Current Conditions”), a nice breakdown of the different institutions involved in the production and security of United States Banknotes. Bureau of Engraving and Printing BEP, a bureau of the Department of the Treasury, buys currency paper from the private sector and prints the nation’s currency at … Continue reading

Notes on Planet Money – “Where Dollar Bills Come From”

via Planet Money One kind of quality check– called a “fold test,” a machine folds a bill back and forth until it breaks. Currency paper lasts 5000 folds, normal paper lasts about 100. Company lore– pre-1879, USgov is using a non-Crane paper co. to get currency paper, decides that the 75cents/pound price is too expensive. … Continue reading