Rod Grams: “Today Senator Moseley-Braun and I are introducing the Efficient Currency Act of 1997. The bill calls for a newly…”

“Today Senator Moseley-Braun and I are introducing the Efficient Currency Act of 1997. The bill calls for a newly designated, golden-colored $1 coin to replace the Susan B. Anthony dollar coin. The argument for a $1 coin is simple: it saves money. According to estimates of the General Accounting Office and the Federal Reserve, replacing the $1 bill with a coin saves the Government $2.28 billion during the first 5 years it circulates. As we consider plans to balance the budget and eliminate Government waste, I believe that carrying a $1 coin along with $2 bills is a relatively painless option compared to the alternatives of raising taxes or cutting important programs. A public opinion poll conducted in May 1997 reveals that 58 percent of the American public favors replacing the $1 bill with a coin when informed that such a change would save the Government $456 million annually. I want to stress that the Efficiency Currency Act of 1997 does not call for a phase out of the $1 bill until 1 billion $1 coins authorized under this legislation are in circulation.”