A Dollar Coin Could Save Millions (Testimony, 07/13/95,
GAO/T-GGD-95-203).

The major Western economies all now use a coin for monetary transactions
for the same level that Americans use the paper dollar.  Although the
United States introduced the Susan B. Anthony one-dollar coin in 1979,
it was not widely accepted by the public, mainly because the dollar bill
was not simultaneously eliminated. GAO reported in 1993 that the
government could save $395 million per year on average over 30 years by
substituting a one-dollar note.  GAO reviewed a recent Federal Reserve
study that updated this estimate to $456 million per year, which GAO
believes is reasonable.  On the basis of the foreign experiences its
studies, GAO notes five essential element to ensure a successful
conversion: (1) elimination of the one-dollar note; (2) a reasonable
transition period; (3) a coin that is well-designed and readily
distinguishable from other coins; (4) an adequate public awareness
campaign; and (5) sustained administrative and congressional support to
withstand negative public reaction.

--------------------------- Indexing Terms -----------------------------

 REPORTNUM:  T-GGD-95-203
     TITLE:  A Dollar Coin Could Save Millions
      DATE:  07/13/95
   SUBJECT:  Currency and coinage
             Foreign currency
             Public relations
             Printing costs
             Monetary policies
             Cost effectiveness analysis
             Future budget projections
             Precious metals
IDENTIFIER:  Canada
             United Kingdom
             
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