One-Dollar Coin: Reintroduction Could Save Millions if Properly Managed

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Report Type	Reports and Testimonies
Report Date	March 11, 1993
Report No.	GGD-93-56
Subject	Currency and coinage Foreign currency Future budget projections Monetary policies Precious metals Printing costs Public relations Surveys Canada Cost effectiveness analysis

Summary:

Australia, Canada, Japan, and the major Western European countries all now use a coin for monetary transactions at, or above, the level for which Americans use the paper dollar. The Susan B. Anthony $1 coin, introduced in the United States in 1979, was rejected by the public. In light of recent proposed legislation that would reintroduce a $1 coin in the United States, GAO examined Canada's experience. In GAO's view, public resistance to converting to a coin dollar could be minor and short-lived and could be properly managed, as it was in Canada. GAO also believes that, in a period of difficult and unpopular deficit reduction measures, the prospect of obtaining nearly $400 million in annual budget savings through updating the nation's coinage is likely to be a relatively painless sacrifice for most Americans.

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One-Dollar Coin: Reintroduction Could Save Millions if Properly Managed