One-Dollar Coin: Reintroduction Could Save Millions if Properly Managed
GGD-93-56
Published: Mar 11, 1993. Publicly Released: Mar 11, 1993.
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Highlights
Pursuant to a congressional request, GAO reviewed Canada's experience introducing a new $1 coin to replace its $1 note, focusing on whether public resistance to the Canadian dollar coin was persistent or temporary.
Recommendations
Matter for Congressional Consideration
| Matter | Status | Comments |
|---|---|---|
| Congress should authorize the introduction of a new, well-designed $1 coin and simultaneously provide for elimination of the $1 note. |
Closed – Implemented
|
Public Law 105-124, enacted in December 1997, authorizes the production of new 1-dollar coins, but does not provide for the elimination of the 1-dollar note. |
| Congress should require the Secretary of the Treasury to designate an advocate of the new coin, who would be responsible for promoting the coin and responding to public inquiries and complaints. |
Closed – Implemented
|
Public Law 105-124, enacted in December 1997, authorizes the production of new 1-dollar coins and directs the Secretary of the Treasury to promote the new coin. |
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Topics
Cost effectiveness analysisCurrency and coinageForeign currencyFuture budget projectionsMonetary policiesPrecious metalsPrinting costsPublic relationsSurveysMass media