Silver News

Bill to Mint Circulating Silver Dollar Coin Introduced

Senator Frank Murkowski (R-AK) has introduced legislation which would permit minting of a general circulation one dollar, silver-plated coin honoring President Dwight D. Eisenhower on the obverse and a rendering of the Iwo Jima monument on the reverse. The bill, S.688, would not eliminate paper dollars but give consumers a choice between the two media.

According to Murkowski, the dollar coin would make it easier for consumers to purchase items from vending machines or use mass transit fare machines, because these devices often have trouble reading dollar bills.

He also noted that the nation's mass transit industry alone could save more than $124 million annually if it didn't have to unfold and unwrinkle paper money. Murkowski told other senators that the Chicago Transit Authority unfolds its bills at a cost of $22 per thousand while processing coins costs just $1.64 per thousand.

In addition, Murkowski said that although coins cost more to produce than paper money, coins last longer. A bill wears out in about 17 months while coins can last 30 years. A dollar coin could save the Federal Government several million dollars, he said.

Silver News - April/May 1995