Harkin and McCain penned The Currency Optimization, Innovation and National Savings (COINS) Act in response to reports from the nonpartisan Government Accountability Office (GAO) that indicate that abandoning the note could save around $5.5 billion over the next 30 years.  Specifically the COINS Act would require that Federal Reserve Banks discontinue the $1 note four years after enactment or once circulation of $1 coins exceeds 600 million annually.

Although Americans have historically been resistant to adopting a $1 coin, McCain suggested in a press release that the deep deficit requires the government to save wherever possible.

“By moving from the costly dollar bill to the dollar coin, we can save real money and show the American taxpayer that we are serious about cutting spending in Washington,” said McCain.

An similar bill has been has been introduced in the House by Rep. David SchweikertDavid SchweikertOn The Money: Trump trade chief sees tough work ahead on China | Cohen offers gripping testimony | Tells lawmakers Trump inflated assets | Deduction cap could hit 11 million taxpayers | Senate confirms top IRS lawyer Trump trade chief warns of tough work ahead on China deal The Hill's 12:30 Report: Sanders set to shake up 2020 race MORE (R-Ariz.)

Sens. Scott Brown (R-Mass) and John KerryJohn Forbes KerryJam-packed primary poses a serious threat to Democrats in 2020 Romney helps GOP look for new path on climate change Biden leads CNN poll, but Harris, Sanders on the rise MORE (D-Mass.), late last year also introduced competing legislation, the Currency Efficiency Act that would protect the paper dollar from what the senators call a “massive overproduction” of the “unpopular $1 coin.”