[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 1038 Introduced in Senate (IS)]







105th CONGRESS
  1st Session
                                S. 1038

To provide for the minting and circulation of one dollar coins, and for 
                            other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 21, 1997

Mr. Grams (for himself and Ms. Moseley-Braun) introduced the following 
 bill; which was read twice and referred to the Committee on Banking, 
                       Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To provide for the minting and circulation of one dollar coins, and for 
                            other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Efficient Currency Act of 1997''.

SEC. 2. ONE DOLLAR COINS.

    (a) Color and Content.--Section 5112(b) of title 31, United States 
Code, is amended--
            (1) in the first sentence, by striking ``dollar,''; and
            (2) by inserting after the fourth sentence, the following: 
        ``The dollar coin shall be golden in color, have a distinctive 
        edge, have tactile and visual features that make the 
        denomination of the coin readily discernible, be minted and 
        fabricated in the United States, and have similar metallic, 
        anticounterfeiting properties as United States clad coinage in 
        circulation on the date of enactment of the Efficient Currency 
        Act of 1997.''.
    (b) Design.--Section 5112(d)(1) of title 31, United States Code, is 
amended--
            (1) in the third sentence, by striking ``the dollar, half 
        dollar,'' and inserting ``half dollar''; and
            (2) by striking ``The eagle'' and all that follows through 
        ``Anthony.'' and inserting the following: ``The Secretary of 
        the Treasury shall select appropriate designs for the reverse 
        and obverse sides of the dollar coin.''.
    (c) Effective Date.--Before the date on which the Government 
inventory of Susan B. Anthony $1 coins is depleted, the Secretary of 
the Treasury shall place into circulation $1 coins authorized under 
section 5112(a)(1) of title 31, United States Code, that comply with 
the requirements of subsections (b) and (d)(1) of that section 5112 (as 
amended by this section). The Secretary may include such coins in any 
numismatic set produced by the United States Mint before the date on 
which the coins are placed in circulation.
    (d) Increase Capacity.--The Secretary of the Treasury shall 
increase capacity at United States Mint facilities to a level that 
would permit the replacement of $1 Federal Reserve notes with $1 coins 
minted in accordance with section 5112 of title 31, United States Code, 
as amended by this Act.

SEC. 3. CEASING ISSUANCE OF ONE DOLLAR NOTES.

    (a) In General.--Federal Reserve banks may continue to place into 
circulation $1 Federal Reserve notes in accordance with section 5115 of 
title 31, United States Code, until Susan B. Anthony coins and coins 
minted in accordance with this Act and the amendments made by this Act 
total 1,000,000,000 coins in circulation, at which time no Federal 
Reserve bank may order or place into circulation any $1 Federal Reserve 
note.
    (b) Exception.--Notwithstanding subsection (a), the Secretary of 
the Treasury shall produce only such number of $1 Federal Reserve notes 
as the Board of Governors of the Federal Reserve System orders from 
time to time to meet the needs of collectors of that denomination. Such 
notes shall be issued by 1 or more Federal Reserve banks in accordance 
with section 16 of the Federal Reserve Act and sold by the Secretary, 
in whole or in part, under procedures prescribed by the Secretary.

SEC. 4. REGULATORY AUTHORITY.

    The Secretary of the Treasury shall issue appropriate rules and 
regulations to carry out this Act and the amendments made by this Act.
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