One and a half billion coins were struck in anticipation of considerable public demand, but the Anthony dollar was poorly received, in part because of confusion caused by its similarity in size and metallic composition to the quarter.
Despite its poor reception and most of the coins reposing in Treasury and bank vaults, the Anthony dollar eventually began seeing use in vending machines and mass transit systems, depleting the surplus by the late 1990s.
In 1997, Congress passed a law authorizing the mintage of a new gold-colored one-dollar coin depicting Sacagawea, but production could not begin quickly enough to meet demand.
However, most circulation strikes remained in government stockpiles for several years after minting, so many of the coins are available in uncirculated grades, and the premium over face value is minimal.
[3] However, the move drew strong condemnation from critics and the public who believed that the issuance of the coins was a waste of resources and influenced by special interests, and that they would be quickly removed from circulation.
[8] On October 1 and 3, 1969, a hearing before the U.S. House of Representatives discussed the proposed legislation to authorize the coin, in a copper-nickel clad composition, with the 1.5-inch (38 mm) same diameter of the former silver dollars.
[9] A provision was added requiring the coin to depict former President Dwight D. Eisenhower, who had died earlier that year, on the obverse and a design "emblematic of the symbolic eagle of Apollo 11 landing on the moon" on the reverse.
[13] Their report read in part: A conveniently-sized dollar coin would significantly broaden the capabilities of consumers for cash transactions, especially with machines.
Members of the automatic merchandising industry have expressed a strong interest in a smaller dollar, indicating their willingness to adapt their machinery to its use.
[13]Numismatic historian David L. Ganz suggested that Eisenhower, a Republican, was chosen as a means of balancing the half dollar, depicting Democrat John F.
[19] The reverse, depicting an eagle flying above a mountain against the rising Sun, was originally created by Gasparro in 1967 for a proposed commemorative half dollar.
[24] The Mint conducted experiments involving eight-, ten-, eleven- and thirteen-sided coins,[19] but it was decided that the dollar would be round, as costly modifications would be required to update vending machinery to accept other shapes.
[27] On May 3, 1978, Wisconsin's William Proxmire introduced legislation in the Senate which was identical to the Treasury proposal, except for mandating a design which was altered to social reformer Susan B. Anthony in place of the allegorical Liberty.
[30] In addition, officials tallied suggestions sent to the Mint by the general public as to the subject of the dollar coin, and Susan B. Anthony had received the most support.
[35][36] Gasparro made several alterations with the intent to depict her at age 50, at the peak of her influence as a social reformer, but no photographs of Anthony during that period are known to exist.
[34] However, a late amendment introduced by Utah Senator Jake Garn altered the legislation to maintain the Apollo 11 design in use on the Eisenhower dollar reverse.
[37] The bill was approved by Congress and signed into law by President Jimmy Carter on October 10, 1978,[38] and production of Eisenhower dollars ceased during that year.
[39] After he signed the bill into law, Carter issued a statement, saying in part that he was confident that "this act—and the new dollar—will substantially improve our coinage system as well as cutting Government coin production costs".
[44] Concerned about the possibility of other groups seeking representation on the coinage in response to its passage, Weinman characterized the Susan B. Anthony dollar legislation as a "billboard or campaign button approach to a national coin".
[54] Less than two millimeters in diameter larger than the quarter and struck in the same copper-nickel composition, the Susan B. Anthony dollar was widely confused for that denomination in transactions.
[55] Discussing the bill, which was never passed, Lewis remarked that the Anthony dollar had come to be known derisively as the "Carter quarter", due to its size and association with the President.
[57] At the close of production, the Treasury encountered a dilemma: the Mint struck a large number of dollars in anticipation of great public demand, resulting in a surplus of 520,000,000 coins in 1981.
[61] Despite their unpopularity in transactions, Anthony dollars began to see heavy use in over 9,000 stamp-dispensing machines situated in United States Postal Service buildings across the country beginning in the early 1990s.
Legislation authorizing a dollar coin in a gold-colored composition and with a plain edge was introduced to the House and Senate in 1997, where it eventually received approval with a provision calling for it to depict Native American guide Sacagawea.
[65] Although the act provided for creation of the new coin, it also allowed for resumption of striking the Anthony design as a stop-gap measure until production began on the gold-colored dollar.
[69] In addition, a well-known variety of the 1979 circulation strikes from Philadelphia, on which the date appears nearer to the rim, commands a higher price than the regular issue.