Fed to Grab Anthony Dollars?|
June 21, 2013
Anthony dollars and the paper dollar are the new targets.
Legislation to eliminate the $1 bill and replace it with $1 coins has been introduced in the U.S. Senate.
If S. 1105, the Currency Optimization, Innovation and National Savings Act, is passed, the Federal Reserve would be directed to retire all Anthony dollars in a process called sequestration.
These dollar coins then could only be sold to coin collectors or shipped to countries like Ecuador that use the dollar as its national currency.
The Federal Reserve would also be directed to take steps to improve the circulation of the dollar coin.
The $1 bill be retired only if the Federal Reserve is placing 600 million dollar coins into circulation every year, or failing that, no later than four years after the legislation is adopted.
Sponsor is Iowa’s Senator Tom Harkin, who has announced that he is retiring and who represents a state that is home to a South Korean coin blank manufacturer that supplies the U.S. Mint.
There are just four other co-sponsors.
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On June 21, 2013 Tim Bartholow
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