Arizona congressman wants coin to replace bill

— -- WASHINGTON -- Freshman Rep. David Schweikert, R-Ariz., wants to retire the paper U.S. dollar bill and switch Americans to the $1 coin.

Schweikert, who sits on the influential House Financial Services Committee, on Tuesday introduced a bill that would get rid of the paper dollar in four years or less. The legislation is titled the Currency Optimization, Innovation and National Savings, or COINS, Act.

He said changing the dollar from paper to coin would save taxpayers lots of dollars over the next three decades.

"Protecting taxpayer dollars has never been more critical," Schweikert said in a written statement. "One area where Americans may be surprised to learn we can save money is in our currency. By making this transition from a dollar bill to a dollar coin, the U.S. will save $184 million a year and nearly $6 billion over 30 years."