After major economic upheavals in the 1999-2000 time period, Ecuador decided to switch its national currency from the Sucre to the United States Dollar. Today, fourteen years later, Ecuador's economy is fueled by, and pockets are filled by, the likes of Washington, Lincoln, Franklin, Jackson, and Sacagawea. Sacagawea???
Click here for information about this American hero.
If you ever wondered whatever happened to the Sacagawea dollar coin, then wonder no more. Seems they have all moved to Ecuador, and are doing very well in circulation here. There seem to be massive numbers of these coins in regular commerce, and they wear out much less frequently than the $1 George Washington banknotes (5-6 years for bills, decades for coins). It is so handy to hand over a coin when the item costs a dollar, or when the item in the vending machine costs a buck.
Other currencies have done the same thing with their lowest denominations---turn them into coins. The smallest Euro paper currency is a 5, and other currencies are similar.
Makes me wonder if the USA shouldn't gradually abandon its love of the $1 bill and start using a beautiful coin, just as this small South American country has done.
A recent study says the USA would save over $4 billion over the next 30 years by switching to the dollar coin. There could be other benefits, as we are seeing here. The next study might take a look at how well the Sacagawea dollar is working in Ecuador . . . it may conclude that the Sacagawea dollar can work very well in the country it was "mint" for . . . the USA.