Preventing waste and implementing cost savings and revenue
enhancement would summarize the purpose of a 17-page piece of
legislation calling for the replacement of the $1 Federal Reserve note
with a $1 coin, among other things.
H.R. 5196 was introduced July 24, 2014, by Rep. Mike Coffman,
R-Colo., and was referred to seven House committees including
Among its many provisions are two that would interest collectors:
Within six months of the enactment of the bill, the Federal Reserve
would “sequester all $1 coins bearing the design common to those $1
coins minted and issued from 1979-1981 and again in 1999,” a reference
to Anthony dollars. The coins essentially would be removed from circulation.
The Federal Reserve would be required to “improve the circulation
and remove barriers to the circulation of the $1 coin” other than
Anthony dollars, according to the legislation.
Another provision would prohibit the minting and issuance of any
circulating coin or U.S. paper currency that costs more to produce
than the denomination of the coin or paper money, including labor,
materials, dies, use of machinery, overhead expenses, marketing and shipping.
Similar legislation was introduced in 2011 but died for lack of
action when that congressional session ended.
Again in 2013 legislation was introduced, H.R. 3305, but no action
has been taken on the bill since it was introduced.
For more information about these bills, visit the Library of
Congress legislative website, www.congress.gov. ■