Here is a PDF that is called "The Future of Money" from 2018. It makes the same points I have made, eliminate the penny and dollar bill. https://www.govinfo.gov/content/pkg/CHRG-115hhrg31573/pdf/CHRG-115hhrg31573.pdf
Some excerpts for the TLDR crowd
Most transactions are through an electronic payment system. We
have to make sure that remains in U.S. control. If we push Europe
too hard they will invent a system to close major oil and other
major transactions without touching U.S. soil or perhaps U.S. currency.
‘‘Future of Money’’ is not cyber and as the Chairman points out
the seigniorage is very valuable to the United States, we should not
lose it nor should we create a method of payment that, while it can
be used and is often used for legitimate transactions, is particularly
well designed for tax evasion and the evasion of sanctions legislation.
As to the currency we can actually touch, as long as we have a
paper dollar people will not use a dollar coin. We would save an
awful lot of money at the Federal level if people would use a dollar
coin because it costs so much to make a paper dollar, it doesn’t last
that long or doesn’t last nearly as long as a coin, after all we have
coins from the Roman Empire; coins last a long time.
But the real savings of having a society in which people carry
dollar coins will be its use by transit systems and vending machines, although gradually our technology is taking us beyond the
need for a coin in either of those cases.
We ought to abolish the penny.
Mr. OLIJAR. We are prohibited by statute from redesigning the $1 note so at this point in time we have no plans for a redesign
I would say that no other transaction provides the same level of
anonymity. Understanding this, will it be worth studying a gradual
phase-out of our large denominations?
Mr. OLIJAR. The largest denomination that we produce today is the $100 bill.
Mr. PITTENGER. I understand that.
Mr. OLIJAR. We do have the authority to print 500-, 1,000- or
10,000-notes. I don’t think that we could look at doing that. It
would have a very adverse impact on Commerce, the $100 note is
increasingly used in transactions.
The higher denomination notes when we stopped printing them in 1969, the $100 note today is worth $17 compared to the hundred
it was in 1969.
Ms. TENNEY. Yes. It is interesting because the GAO says that savings would be about $4.5 billion over 30 years. That is pretty
significant when you realize the paper version lasts about 5.8 years
and the coin lasts longer.
I know when I was in Europe and you get the coin, as an American citizen we are so used to having the dollar bill but actually
you find the coin is pretty convenient.
Maybe your point is right, maybe if the Americans didn’t have
the choice maybe they would actually decide they liked the dollar
coin better. That is up for debate at this point.
Again, this was back in 2018. It's 2020 now, and last I heard, the GAO was actually "against" replacing the $1 bill with a $1 coin, saying it would actually "cost more" than save money, but still agreed with the penny elimination. Are there even still efforts out there to kill the $1 bill? Because I'd also read before that all the way back in 2011 was when the $1 coin savings would be the "break even" year, before the $1 coin would cost more than it would save. Nearly 20 years ago.
If they did eliminate the penny and $1 bill, what would this mean for the nickel and the $2 bill? My hopes are for eliminating the nickel and $2 bill, and replacing the nickel with a reissued half dime, to make the 5-cent denomination a lot cheaper and smaller than a dime which makes more "cents" to me (sorry about the pun. I just had to), and replacing the $2 bill with a $2 coin, using Canada's bimetallic $2 coin as the prototype for the U.S. $2 coin, or at least, redesigning the $2 bill, however, if the $1 and $2 bills were both eliminated for coins, I still believe that they should look at my Togo $3 bill proposal, which the main purpose of my $3 bill, is to honor K9 heroes of U.S. history. And having a $3 bill in circulation, while confusing at first, could help people cope with $1 and $2 coins a bit more, because, with a $3 bill as our lowest paper denomination in circulation, the American public would have to only carry a maximum of one $1 coin, or one $2 coin at a time, as opposed to one $1 coin and one $2 coin ($3) or two $2 coins ($4). And with no $1 and $2 bills in the cash register, the five bill slot cash registers could be set up $3, $5, $10, $20 and $50, while $100 bills could go under the till, or into a safe. And for coins, merchants should adopt those cash drawers with eight coin slots, for half-dimes, dimes, quarters, half-dollars, $1 coins and $2 coins, and spare rolls of coins in the other two coin slots.