A new dollar coin, similar in size to the ill-fated Susan B. Anthony
dollar but different in color and design, is under consideration by the House
of Representatives.
Congressman Michael Castle, chairman of the House subcommittee on
coinage, introduced legislation Oct. 8 that would authorize production of a
gold-colored coin for use in circulation. The coin would carry a portrait of
the Statue of Liberty, although the exact design would be left to the U.S.
Mint.
Production of Anthony dollars was halted in 1981,after just three
years, because of widespread public dissatisfaction with the coins. Among
other things, people complained that they were confusing the "Susie" with the
25-cent piece because the mini-dollar was only slightly larger and had the
same metallic content (copper-nickel clad metal bonded to a core of pure
copper) and the same silvery appearance. Castle believes the confusion can
be averted by giving the new dollar coin a gold appearance, much like that of
Canada's Loon dollar.
The Mint produced nearly 900 million Anthony dollars from 1979 to
1981. Most of them languished in government vaults for years -- but
recently, the stockpile has been dwindling because the coins are being
accepted in U.S. Postal Service machines and by some metropolitan transit
authorities.
The remaining inventory is expected to be gone within a few years --
and at that point, the Mint might be forced to resume production of Anthony
dollars unless Congress acts to authorize a new dollar in the meantime.
Castle's legislation would not require the government to stop
producing $1 bills. Critics contend that unless that step is taken, a new
dollar coin cannot succeed. The Treasury, however, fears a public backlash
and officially opposes withdrawal of paper dollars, at least at the present
time. Castle has suggested that the question should be studied by a
commission, and that the new coin should be authorized in the meantime and
put into production so it will be ready when the matter is settled.
Two tentative designs have been unveiled. One shows a
head-and-shoulders view of the Statue of Liberty, while the other is a
three-quarters standing portrait. The famed monument never has appeared on a
circulating U.S. coin, but it did grace three commemorative coins issued in
1986 to mark the statue's centennial, and it does appear on the new Platinum
American Eagle bullion coins.
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