NEWS from Subcommittee Chairman
Michael N. Castle (R-DE)
Committee on Banking and Financial Services
Subcommittee on Domestic and International Monetary Policy

CASTLE UNVEILS LEGISLATION
TO REDESIGN DOLLAR COIN

Dollar bill would remain in circulation; new coin would be more distinguishable, usable than current Susan B. Anthony coin

(Washington, DC) Pointing to the U.S. Mint's assessment that the current supply of Susan B. Anthony dollar coins will run out in 30 months, Rep. Michael N. Castle, chairman of the Banking Subcommittee on Domestic and International Monetary Policy, today unveiled a proposal to replace the much maligned Susan B. Anthony with a more usable, easily distinguishable dollar coin.

"Unfortunately, it is clear that the Susan B. Anthony coin, created nearly 20 years ago, was far less successful than many people had hoped," Castle said. "While I think many Americans would use a dollar coin if it was easier to distinguish from the quarter, the general public is not ready to part with the dollar bill. For these reasons, I am unveiling a program to introduce people to a redesigned dollar coin while at the same time keeping the dollar bill in existence."

Castle's proposal calls for the Mint to issue, beginning in 1999, a redesigned dollar coin that is gold in color and has a picture of the Statue of Liberty on the front. Unlike the Susan B. Anthony, which is nearly indistinguishable in a pocket or purse from a quarter, the new dollar coin would have a distinctive edge and gold coloring -- making it easy to differentiate from the quarter. The bill stipulates that the Department of Treasury would determine its edging and the exact designs.

First minted in 1979, the supply of Susan B. Anthony dollar coins is rapidly dwindling and will be exhausted in 30 months. In order to address the "shortage" situation, a decision must be made by Congress and the Mint before the turn of the Century: either continue minting the Susan B. Anthony coin; or, instruct the Mint to issue a new and improved dollar coin -- one that fixes the problems of the Susan B. Anthony and which would be more readily used by the public.

More information on the Castle proposal is attached.

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The Dollar Coin Program

Questions and Answers

Why is this change being made?

In 1999, our circulating Susan B. Anthony dollar coin will have been in circulation for 20 years. Originally, 860 million of these coins were minted and this coin was not widely accepted. Most people are only vaguely aware of its continued existence because it is used only in specific applications (subway systems, certain vending machines, by the U.S. Post Office) and utilized more as a token or a collectible.

Of the original 860 million coins minted, over 700 million are already in circulation. The remaining supply is dwindling at a rate of 65 million coins each year. Consequently, the current supply of Susan B. Anthony dollar coins is estimated by the U.S. Mint to run out about March 2000.

This leaves Congress and the Mint with a decision to make before the turn of the century: continue minting the current Susan B. Anthony dollar coin, which has not had the success anticipated when it was unveiled in 1979, or instruct the Mint to issue a new, more widely used and distinguishable dollar coin. This new coin is intended to be more popular with the general public and it will be easier to distinguish by the visually impaired.

What does the legislation do?

The bill authorizes the United States Mint to mint a new dollar coin that is gold in color, has a distinctive rim and with a design featuring the Statue of Liberty on the front. The Chief sponsor of the bill is Congressman Michael N. Castle, (R-DE) chairman of the Banking Subcommittee on Domestic and International Monetary Policy, which oversees coins and currency issues.

How will we distinguish it from the quarter?

The new dollar coin will be gold in color and will have a distinctive edging, so it will be easily distinguished in a pocket or purse from the quarter.

Will the dollar bill be eliminated?

It is important to point out that under this proposal, there is no discussion of eliminating the paper one dollar bill. The American public is not yet ready for the removal of the dollar bill. The new Statue of Liberty coin would coexist with the existing dollar bill.