coins to circulate with the $1 Federal Reserve notes now issued, and (2) replacing all $1 Federal Reserve notes now in circulation with $1 coins. Over the past decade, we have reported on three occasions on the benefits that might accrue to the government from issuance of a new $1 coin. In 1990, we estimated that the government
With the advent of the Federal Reserve a new currency was issued - Federal Reserve notes, which at the time were based on the gold standard. The Federal Reserve was to unite and supevise the entire banking system, control the expansion or contraction of currency, and regulate the flow of money to the commercial banks through the establishment of 12 Federal Reserve Banks.