Sen. McCain on Dollar Coins: Good for America, and for Strippers!

There are lots of reasons to like dollar coins: They last a lot longer than paper bills, are easier to stick in a vending machine, are more cost-effective to produce, and don't have all that weird Masonic stuff on the back. And switching over to them will save the country about $184 million a year.

But if you don't like those reasons, Sen. John McCain has another one: According to the Arizona legislator, they'll encourage people to give strippers better tips.

Sen. McCain is a sponsor of the COINS Act, which calls for a phase-out of paper singles within five years. Of course, as some critics have noted, the more unwieldy coins would be awkward for some uses -- including tipping strippers. When a reporter from The Hill asked McCain about complaints that the coins would be "awkward" for exotic dancers, he quickly responded, "Then I hope that they could obtain larger denominations," later going on to expound: "Fives, tens, one hundreds!"

As DailyFinance reporter Matt Brownell recently pointed out, the move to dollar coins is one of several proposals on the table to improve America's currency. Here are our favorites:

Bruce Watson is DailyFinance's Savings editor. You can reach him by e-mail at bruce.watson@teamaol.com, or follow him on Twitter at @bruce1971.