Financial Update (January-March 1998)

Plans Underway to Design and
Produce New $1 Coin

A new coin may soon find its way into change purses and pockets around the country. On Dec. 1, President Clinton signed into law the U.S. $1 Coin Act of 1997, which provides for a redesign and reintroduction of the dollar coin.

Over the years, dollar coins have been periodically introduced and discontinued. The most recent dollar coin was the Susan B. Anthony, introduced in 1978. The Susan B. Anthony coin, however, never gained wide public acceptance and was minted only from 1979 to 1981. Approximately 30 million Susan B. Anthony coins remain in U.S. Mint vaults and are put into circulation based on need.

The 1997 act authorizes the minting of a dollar coin with distinctive physical and visual features that make it easy to separate from other coins. In addition, the new dollar coin will have a golden color to further distinguish it from other coins. The design of the coin has not been determined. The U.S. Treasury will select the coin's design.

The redesigned dollar coins will be placed into circulation once the Treasury's supply of Susan B. Anthony dollar coins is depleted.

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