A New Coin

For many months the Treasury Department has been puzzling over the expense of furnishing the country with currency. Working at capacity the Bureau of Printing and Engraving has hardly been able to keep up with the demand for fresh dollar bills as those in use wear out. It has been obliged to put "fresh" bills into circulation without allowing them to age and toughen. The result is that they have worn out even more rapidly. Other factors, the handling of paper money by garage men with greasy hands, etc., have contributed toward making the life of dollar bills shorter and shorter, until now the bills wear out on an average in less than a year (six to ten months). And the cost of replacement is several cents each--a large item with several billion bills in circulation. Economy demanded action.

First, the Treasury tried to popularize the silver dollar, but the country as a whole would have nothing to do with the heavy "cartwheels." Next, an attempt was made to put more two-dollar bills into circulation. Of course if two-dollar bills replaced one-dollar bills, there would be just half as many bills in circulation and the cost of replacement would be cut in half. Even a slightly greater use of two dollar bills would effect a material savings. But the "unlucky" two spot remained obstinately unpopular.

Last week there came from Washington the report of a new attempt about to be made, but in a more novel form. It was represented that Treasury officials have "virtually decided" to mint a new coin, a gold-and-silver dollar. It would be slightly larger than a quarter, of distinctive design, possibly with a gold centre and a silver rim. Banks and merchants are said to have indicated that such a coin would be acceptable, and it would save much Government time and money.