Michael Fuljenz Bulletin
Perspectives on Coin and Bullion
The United States should stop producing one-dollar bills and one-cent coins, according to award-winning rare coins and precious metals expert and author Mike Fuljenz, president of Texas-based Universal Coin and Bullion.
"We are long overdue in following the lead of many other countries that have successfully eliminated their lowest denomination paper money and coins," Fuljenz said recently.
"It costs about two cents to make each penny,” according to Fuljenz. “Billions of them were struck last year, so [the United States] lost about $58 million just making pennies. It's impractical to keep producing cents."
Fuljenz presented this money-saving message at last year’s World's Fair of Money in Chicago. He went on to say that the Government Accountability Office estimates a savings of $4.4 billion in the next 30 years if one-dollar denomination coins were to replace paper dollars in our system of currency. Canada, he pointed out, stopped printing dollar bills and switched to dollar coins in 1987. What’s more, Canada has since stopped minting pennies, an approach Fuljenz also recommends.
When it comes to coins and currency, Fuljenz knows what he’s talking about. An award-winning author of newsletters, articles and four books about rare gold coins and bullion, he has received nearly 50 major awards in 12 different categories from the Numismatic Literary Guild (NLG), a nonprofit organization composed of the top numismatic marketplace editors and writers. This record makes him one of the handful of authors in the United States who has been so widely acknowledged by his peers. His coin-specific and precious metals consumer protection and education work set both Fuljenz and Universal Coin and Bullion apart — a fact acknowledged by the American Numismatic Association at the aforementioned World's Fair of Money convention. There, ANA president Tom Hallenbeck gave Fuljenz the organization’s 2013 Glenn Smedley Memorial Award in honor of his significant volunteer contributions and support of the association and the community at large. After a 2007 Universal Coin and Bullion lawsuit — involving a dispute over the prices customers paid for rare gold and silver coins — was dismissed, Fuljenz was appointed to the State Bar of Texas Advertising Review Committee.
That sort of honesty and involvement in causes is apparent in Fuljenz’s attitude about the state of the dollar bill and the penny, as well. He acknowledges that while surveys conducted about the use of the penny and dollar bill consistently indicate most Americans don't want either discontinued, he recognizes the need to change.
"Surveys also consistently indicate most Americans don't want higher taxes, but we still get them,” Fuljenz has told the press. “With federal spending now under intense scrutiny, eliminating cents and dollar bills can help save the government billions of dollars in the coming years. It makes sense to stop making cents."