[Congressional Record Volume 146, Number 39 (Monday, April 3, 2000)]
[House]
[Page H1658]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                        SACAJAWEA GOLDEN DOLLAR

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Washington (Mr. Metcalf) is recognized for 5 minutes.
  Mr. METCALF. Madam Speaker, in 1997, Congress passed long overdue 
legislation to place in circulation a new $1 coin. Congress required 
that the new coin have a different edge, design, and color than the 
unsuccessful Susan B. Anthony $1 coin. The Secretary of the Treasury, 
in consultation with Congress, was required to select the design for 
the new $1 coin.
  The U.S. Mint conducted an extensive public outreach program in 
selecting the final coin design. This included public hearings, 
broadcast on C-SPAN, focus groups, public coin design exhibits, 
extensive print media requests for comments, and over 130,000 letters, 
faxes, and e-mails.
  The result is simply outstanding. The new coin is golden in color 
with a smooth edge, and on the face of the coin is a picture of 
Sacajawea, the Native American woman who aided the Lewis and Clark 
expedition.
  The public's demand for the new Sacajawea golden dollar is 
unprecedented. Since its release January 26, 300 million golden dollars 
have been purchased. In 14 weeks, there will be 500 million golden 
dollars in circulation. It took the Susan B. Anthony dollar 14 years to 
create the demand for 500 million coins.
  I commend the U.S. Mint for this incredible success in proving that 
the public truly does want a dollar coin. To meet this enormous demand 
for the new coin, the United States Mint has done a terrific job of 
accelerating their production and shipment.
  Recently, I had the honor of visiting the Philadelphia Mint, which 
employs 800 men and women who make this all happen. We watched the 
dollar coins coming through the stamping process. The Mint has doubled 
their production to 5.25, that is 5\1/4\, million golden dollars a day 
by running 24 hours a day, 7 days a week. Because of their hard work, 
the U.S. Mint will be able to produce 1 billion coins by the end of the 
year.
  Now, that is good news for taxpayers. But most people do not realize 
how good the news really is. It only costs the Mint 12 cents to make a 
Sacajawea golden dollar. Then the U.S. Mint sells the coins to the 
banks for full value, one full dollar. The result is a direct profit to 
the U.S. Treasury of 88 cents on every coin issued. At the end of this 
year, when 1 billion golden dollars are in circulation, the United 
States Treasury will have made a profit of $880 million.
  This profit will be eligible to reduce our $5.7 trillion national 
debt. That is right. The Treasury makes a profit from issuing coins 
which helps lower the debt of our Nation. Yes, my colleagues heard 
correctly, a government department that makes a profit.

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