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New Lincoln one-dollar coin is introduced on the anniversary of the Gettysburg Address

 Consumers have shown time and time again that they favor paper bills over $1 coins. Most adults have not seen, much less held, one of the 1.3 billion $1 coins that have been minted over the years. It begs the questions why the government keeps producing and marketing the coins.

Supporters of coin usage argue that it’s more economical to use coins. It costs about 16 cents to make a $1 coin, and that coin lasts 30 years. It costs about seven cents to produce a $1 bill, but that bill has a life span of about 21 months.

Will you use the new Lincoln $1 coin?

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Abraham Lincoln historic re-enactor Dan Storck talks with students from the William E. Doar Jr. Public Charter School for the Performing Arts at President Lincoln's Cottage at the Soldiers' Home, Nov. 19, 2010 in Washington, DC. They were attending an event to introduce the new presidential one-dollar coin that bears the image of Lincoln. The U.S. Mint introduced the coin on the 147th anniversary of Lincoln's Gettysburg Address.

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Twenty-five-dollar rolls of the new presidential one-dollar coin are displayed.


Chip Somodevilla / Getty Images

Don Everhart, left, who designed and sculpted the new presidential one-dollar coin, exchanges paper money for 50 of the new coins, Nov. 19, 2010.. Other than a few trial strikes, Everhart had not yet held the new coins before exchange for the two rolls.