Efficient Currency Act of 1997

Read twice and referred to the Committee on Banking.

Congressional Research Service

Official summary

Version 00 · Introduced in Senate · Jul 21, 1997

Efficient Currency Act of 1997 - Amends Federal currency law to prescribe the color and content of one-dollar coins. Instructs the Secretary of the Treasury to: (1) place certain authorized one-dollar coins into circulation before the government's inventory of Susan B. Anthony one-dollar coins is depleted; and (2) increase capacity at U.S. Mint facilities to a level that permits replacement of one-dollar Federal reserve notes with one-dollar coins minted according to this Act. Prohibits the Federal reserve banks from ordering or placing into circulation one-dollar Federal Reserve notes after the Susan B. Anthony one-dollar coins and one-dollar coins minted according to this Act have reached a specified total in circulation. Directs the Secretary of the Treasury to cease regular production of one-dollar Federal Reserve notes (except for such quantities ordered by the Board of Governors of the Federal Reserve System to meet collectors' needs).

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People & committees

Who introduced it

Sen. Grams, Rod [R-MN] · R–MN

Committees

Banking, Housing, and Urban Affairs Committee

1 cosponsorship records, including any withdrawals

Sen. Moseley-Braun, Carol [D-IL]

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

Jul 21, 1997
Read twice and referred to the Committee on Banking.
Jul 21, 1997
Sponsor introductory remarks on measure. (CR S7768-7769)
Jul 21, 1997
Introduced in Senate

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in Senate · Jul 21, 1997 Formatted Text PDF

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Aug 21, 2025. Consult Congress.gov for the current record.

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Objective

Analyze S.1038 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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Discuss S.1038, 105th Congress: Efficient Currency Act of 1997

Official record: https://www.congress.gov/bill/105th-congress/senate-bill/1038

Text version to examine: Introduced in Senate · 1997-07-21.

Official full text: https://www.congress.gov/105/bills/s1038/BILLS-105s1038is.htm

Imported record last updated by the source: 2025-08-21T16:11:20Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze S.1038 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

Fairness and public impact

Progressive lens

Examine S.1038 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

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Discuss S.1038, 105th Congress: Efficient Currency Act of 1997

Official record: https://www.congress.gov/bill/105th-congress/senate-bill/1038

Text version to examine: Introduced in Senate · 1997-07-21.

Official full text: https://www.congress.gov/105/bills/s1038/BILLS-105s1038is.htm

Imported record last updated by the source: 2025-08-21T16:11:20Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.1038 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine S.1038 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

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Discuss S.1038, 105th Congress: Efficient Currency Act of 1997

Official record: https://www.congress.gov/bill/105th-congress/senate-bill/1038

Text version to examine: Introduced in Senate · 1997-07-21.

Official full text: https://www.congress.gov/105/bills/s1038/BILLS-105s1038is.htm

Imported record last updated by the source: 2025-08-21T16:11:20Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.1038 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine S.1038 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

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Discuss S.1038, 105th Congress: Efficient Currency Act of 1997

Official record: https://www.congress.gov/bill/105th-congress/senate-bill/1038

Text version to examine: Introduced in Senate · 1997-07-21.

Official full text: https://www.congress.gov/105/bills/s1038/BILLS-105s1038is.htm

Imported record last updated by the source: 2025-08-21T16:11:20Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine S.1038 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.