The U.S. government is making still another shot at releasing a one-dollar coin. This one will be in a series depicting U.S. presidents, starting with the first. The design will basically follow the one for Sacagawea, with some notable exceptions, so that they will work in vending machines.

The potential economic value of this move is big as long as there is follow-through to remove the dollar bill from circulation. As I understand it, the coins cost $0.20 to make and last around 30 years. Paper dollars cost only $0.04 to produce, but they last only 2 years. In Japan the smallest bill is ¥1,000 (around $8.20 at this writing). There are ¥500, ¥100, ¥50, ¥10, ¥5, and ¥1 coins to handle smaller denominations. There has been some talk to get rid of the ¥1 coin because of its small value.

Here’s to George Washington and his success on the new coin!