[Congressional Record Volume 143, Number 142 (Tuesday, October 21, 1997)]
[Senate]
[Page S10884]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. GRAMS (for himself and Ms. Moseley-Braun):
  S. 1300. A bill to provide for the minting and circulation of new $1 
coins; to the Committee on Banking, Housing and Urban Affairs.


                 the united states $1 coin act of 1997

  Mr. GRAMS. Mr. President, today Senator Moseley-Braun and I are 
introducing the United States $1 Coin Act of 1997. The bill calls for a 
newly designated, golden-colored $1 coin to replace the Susan B. 
Anthony.
  Unless this legislation is approved in the near future, the U.S. Mint 
will begin the process of minting more of the unpopular Susan B. 
Anthony coins by 1999. The supply of Anthony coins in government 
inventories fell by a total of 137 million coins in 1995 and 1996. Only 
133 million remain as of September 30, 1997. The inventory has been 
falling at the rate of about 5 million per month because Anthony 
dollars are used at hundreds of vending locations, in more than a dozen 
major transit systems, and by the U.S. Postal Service.
  Because the U.S. Mint has stated that it needs 30 months to design 
and fabricate a new $1 coin, the timeframe for a decision by Congress 
is short.
  The current design of the SBA $1 coin is flawed because it has the 
same color and reeded edge as a quarter. This makes it difficult for 
consumers to tell the difference between an SBA $1 coin and a quarter.
  The United States $1 Coin Act of 1997 will require the Treasury 
Department to change the color and edge of the SBA $1 coin so that it 
is different from the quarter. The act will not terminate the $1 bill.
  Philip Diehl, Director of the U.S. Mint, stated his support for these 
reforms in his testimony to the House Subcommittee on Domestic and 
International Monetary Policy on October 21, 1997:

       The U.S. Mint fully supports legislation which would 
     authorize issuance of a new dollar coin with new 
     characteristics at such time as the SBA inventory is 
     exhausted. In addition, immediate passage is critical because 
     the U.S. Mint needs at least 30 months to research and test 
     coin alloys and suitability for use in commerce.

  Mr. President, I ask unanimous consent that both a copy of the United 
States $1 Coin Act of 1997 and a section-by-section summary of its 
contents to be entered into the Record.
  There being no objection, the material was ordered to be printed in 
the Record, as follows:

                                S. 1300

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

     SECTION 1. SHORT TITLE.

       (a) Short Title.--This Act may be cited as the ``United 
     States $1 Coin Act of 1997''.
       (b) Table of Contents.--The table of contents for this Act 
     is as follows:

     SECTION 2. NEW $1 COIN.

       (a) Weight.--Section 5112(a) of Title 31, United States 
     Code, is amended by striking, ``and weighs 8.1 grams.''
       (b) Color and Content.--Section 5112(b) of title 31, United 
     States Code, is amended--
       (1) in the 1st sentence, by striking, ``dollar,''; and
       (2) by inserting after the 4th sentence, the following new 
     sentence: ``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 discernable, be minted 
     and fabricated in the United States, and have similar 
     metallic, anti-counterfeiting properties as United States 
     clad coinage in circulation on the date of enactment of the 
     United States $1 Coin Act of 1997.''
       (c) Design.--Section 5112(d)(1) of title 31, United States 
     Code, is amended by striking out the 5th and 6th sentences 
     and inserting the following new sentence: ``The Secretary of 
     the Treasury, in consultation with Congress, shall select 
     appropriate designs for the obverse and reverse sides of the 
     dollar coin.''.
       (d) Production of New Dollar Coins.--
       (1) In general.--Upon the depletion of the Government's 
     supply (as of the date of the enactment of this Act) of $1 
     coins bearing the likeness of Susan B. Anthony, the Secretary 
     of Treasury shall place into circulation $1 coins which 
     comply with the requirements of subsections (b) and (d)(1) of 
     section 5112 of title 31, United States Code, as amended by 
     subsections (b) and (c) of this section. The Secretary may 
     include such $1 coins in any numismatic set produced by the 
     United States Mint before the date on which the $1 coins are 
     placed in circulation.
       (2) Authority of secretary to continue production.--If the 
     supply of $1 coins bearing the likeness of Susan B. Anthony 
     is depleted before production has begun of $1 coins which 
     bear a design which complies with the requirements of 
     subsections (b) and (d)(1) of section 5112 of title 31, 
     United States Code, as amended by subsections (b) and (c) of 
     this section, the Secretary of the Treasury shall continue to 
     mint and issue $1 coins bearing the likeness of Susan B. 
     Anthony in accordance with such section 5112 (as in effect on 
     the day before the date of the enactment of this Act) until 
     such time as production begins.

     SECTION 3. MARKETING PROGRAM.

       (a) In General.--Before placing into circulation $1 coins 
     authorized under section 2 of this Act, the Secretary of the 
     Treasury shall adopt a program to promote the use of such 
     coins by commercial enterprises, mass transit authorities, 
     and local, state and federal government agencies.
       (b) Study Required.--The Secretary of the Treasury shall 
     conduct a study on the progress of the marketing program 
     authorized by subsection (a).
       (c) Report.--No later than March 31, 2001, the Secretary of 
     the Treasury shall submit a report to Congress on the results 
     of the study conducted pursuant to subsection (b).
                                                                    ____


     United States $1 Coin Act of 1997--Section-by-Section Analysis

     Section 1. Short Title
       The Act is called the ``United States $1 Coin Act of 
     1997.''
     Section 2. New $1 Coin
       Subsection 2(a). The new $1 coin will be of a golden color 
     so that consumers can tell the difference between it and a 
     quarter. The 8.1 gram weight restriction for the dollar coin 
     is deleted to take into account the difference in weight 
     caused by the coin being minted from a different alloy. 
     However, the new $1 coin will retain the same 1.043 inches 
     diameter as the old coin.
       Subsection 2(b). The current $1 coin has the same color and 
     same reeded edge of a quarter. This subsection authorizes 
     that the new $1 coin be golden in color and have a 
     distinctive (probably smooth) edge. The change in the edge 
     will permit vision impaired consumers to be able to 
     differentiate the $1 coin from a quarter.
       Subsection 2(c). This permits the Secretary of the 
     Treasury, in consultation with Congress, to change the design 
     of the dollar coin.
       Subsection 2(d)(1). The U.S. Mint estimates that the 
     current supply of old $1 coins will be depleted within 30 
     months. This subsection requires that upon the depletion of 
     the current supply of old $1 coins, the Treasury Department 
     shall place into circulation the new $1 coins. The Treasury 
     Department is also authorized to sell the new $1 coin as part 
     of a special set for coin collectors prior to date in which 
     the new coins are set to be placed in general circulation.
       Subsection 2(d)(2). This requires the Treasury Department 
     to temporarily mint more SBA $1 coins, if the supply of these 
     coins is for some reason depleted prior to the introduction 
     of the new $1 coin. This will assure that commercial 
     enterprises and mass transit authorities will not experience 
     shortages of $1 coins prior to the introduction of the new $1 
     coin.
     Section 3. Marketing Program
       This requires the Treasury Department to publicize the 
     issuance of the new $1 coin and promote the use of such $1 
     coins to commercial enterprises, mass transit authorities and 
     government agencies. It requires the Treasury Department to 
     report on the progress of their promotion efforts no later 
     than March 31, 2001.
                                 ______