[Congressional Record Volume 145, Number 144 (Thursday, October 21, 1999)]
[House]
[Page H10718]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               THE NEWLY MINTED SACAJAWEA ONE-DOLLAR COIN

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Washington (Mr. Metcalf) is recognized for 5 minutes.
  Mr. METCALF. Mr. Speaker, the other night I spoke about the success 
of the new 50 States Commemorative Quarter program the U.S. Mint has 
instituted from legislation by Congress. The quarter program, under the 
supervision of Director Phillip Deel at the Mint, has been nothing 
short of extremely successful. The program, over a period of 10 years, 
will dedicate 5 States per year to have a State symbol of their choice 
minted on the back of the quarter dollar coin.
  Mr. Speaker, the taxpayers need to understand that coins actually are 
an incredible revenue money-maker for the Treasury. The reason is 
simple. All coins have a face value upon their creation, but the cost 
to the Mint to mint the coin is obviously far less than the face value 
of the coin.
  For instance, the quarter costs the Mint about 5 cents to 
manufacture. Simple math says there is a 20 cent differential. This 
differential is called seigniorage, and at the end of every year the 
Treasury adds this differential to the budget. That is, it helps to pay 
for the spending that is necessary by the government.
  Last year, the total made by all seigniorage made by the Treasury was 
a little over $1 billion; yes, $1 billion with a ``B.'' Just think, 
last year the demand for quarters was a little over one billion 
quarters. This year it is estimated that the Mint will make over 5 
billion quarters. From the quarter program alone, the Treasury stands 
to bring in an extra billion dollars per year, which will help lower 
the debt of our Nation.
  Tonight I want to speak about another coin program. I met with 
representatives of the U.S. Mint today. The Mint will start production 
in March of 2000 on the new Sacajawea one-dollar coin. If we remember, 
the Susan B. Anthony dollar was not a huge success. The main criticism 
was that its appearance was too much like a quarter. The new coin will 
be gold in color, with a smooth edge, and on the face of the coin will 
be a picture of Sacajawea, the Native American woman who is remembered 
for many qualities, especially for her help to the Lewis and Clark 
expedition.
  As I said earlier, the profit to the taxpayers on each quarter is 
around 20 cents but the profit on the new Sacajawea dollar coin will be 
almost 90 cents. Did the taxpayers hear that? Ninety cents seigniorage 
on every coin.
  The Mint estimates about 700 million new dollar coins will be made in 
the year 2000. That means that in its first year, the new dollar coin 
will return to the Treasury about $600 million. This is one of the 
soundest reasons to maintain our coins and to understand the importance 
of increasing demand. Whether new designs or commemorative programs, 
the increase in demand means more revenue for the Treasury and less 
money taxpayers have to pay for government. It also will help battle 
our national debt, which still looms at over $5 trillion.
  As I talk on coins, new kinds of money systems are looming on the 
horizon with the advent of new technology. Whether they come in the 
form of smart cards, cyber cash, debit cards or electronic money 
wallets, remember one thing, when another medium of exchange is 
accepted, someone else, besides the U.S. Treasury, is getting the 
profit, and the taxpayers are not reaping the profit.
  So here is to the new dollar. I believe it will be accepted by the 
public as a convenience, especially as the dollar coin machines come 
more into use.

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