$300 million for coins nobody wants

American taxpayers could save $500 million (£312 million) a year if they switched from paper dollars, which wear out quickly and must be replaced, to the more durable metal version, according to the US government accountability office.

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Yet demand from banks for the coins has been so low that $1.2 billion (£749 million) worth – which cost $300 million (£187 million) to manufacture – are sitting in storage, an investigation by National Public Radio found.

Opinion polls show that three-quarters of the American public say they would prefer to carry on using the paper dollar bill, affectionately known as the “greenback”, which celebrates its 150th birthday next year.

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