Heritage Auction Galleries via Wikimedia Commons
A proof example of the 1981-S SBA $ 1 coin . This coin was 26.5 mm in diameter vs . the 38.1 mm Eisenhower dollar .
larger than the quarter — and was minted with the same copper-nickel clad composition . Therefore , the SBA dollar was often confused with the quarter in commerce . 1
Only days after the release of the new coin , criticism began from around the country . Some saw it as feminist propaganda . Newspaper editorials voiced concerns that it would be easily confused with the quarter . This was anticipated to be problematic for bar owners , who generally work in fast-paced , poorly lit environments . In such establishments , owners and bartenders simply did not have the time to inspect every coin they handled . Another criticism was that if the SBA dollars were successful in replacing $ 1 bills , then deposits of businesses would be much heavier to bring to the bank .
During the months following its release , complaints accelerated , with public transportation and many establishments refusing to accept them as payment . Another complaint was that cash registers did not have a space for the SBA coin . The US Mint had anticipated the problem with cash registers , and they proposed several solutions in their promotion materials . However , even the brochures from the Mint were criticized , with one newspaper referring to them as “ pulsing puffery .”
Criticism of SBA Dollar ’ s Design
Disapproval of the motif of the SBA dollar began shortly after its release and continues to this day . Numismatic art scholar Cornelius Vermeule writes , “ The Susan B . Anthony dollar may well have been one of the few coins whose public rejection can be attributed in some measure to the sheer ugliness of its obverse design .”
Gasparro was quoted in a Numismatic News article that the SBA dollar “ is the biggest thing I ’ ve ever done . It ’ s bigger than the Eisenhower dollar , or anything else I ’ ve done , because it ’ s become part of a social movement . This new dollar ’ s more than a coin — it ’ s an issue .” Even though Gasparro said all the politically correct things about his coin , it appears that his true feelings were quite different .
“ Show us a pretty face !” Gasparro is quoted as saying in a May 1996 article by Lee F . McKenzie in The Numismatist . “ The American public doesn ’ t like an ugly face . We are beauty and Hollywood oriented .” It must be remembered that Gasparro ’ s great work — more than likely what would have been considered his masterpiece — the Flowing Hair Liberty dollar , was thrown aside in favor of the SBA dollar . As discussed , an early rendering of Anthony by Gasparro was dismissed by a relative as being “ too pretty .” In essence , Anthony ’ s relative said , “ Make her even less attractive .”
During the fall of 1979 , ANA President George D . Hatie appeared before two subcommittees of the House Committee on Banking , Finance and Urban Affairs . Among the subjects he discussed was the SBA dollar .
He stated , “ Public opposition to the Susan B . Anthony dollar is substantially unanimous for two principal reasons : ( a ) by reason of its size and other attributes , it too closely resembles the 25-cent piece … and ( b ) the coin is unattractive .” Hatie continued , “ In the successful marketing of
a new product , an attractive appearance is important . Frank Gasparro ’ s beautiful Liberty head design originally submitted by the Mint should be placed upon the obverse of the smaller-size dollar coin and consideration should be given to using Mr . Gasparro ’ s original reverse design .”
It would have made sense to use Gasparro ’ s soaring eagle reverse design on the SBA coin , and the designer-engraver had expected Congress to retain it . However , there was a late amendment introduced by Senator Jake Garn of Utah to keep the Apollo 11 motif that was employed on the reverse of the Eisenhower dollar . That inspired even more criticism of the design of the SBA dollar : the incongruence of themes upon it . What on Earth did Susan B . Anthony — who died in 1906 — have to do with the Apollo 11 moon landing of 1969 ?
Goodbye , Susan B . Anthony !
In anticipation of widespread consumer demand , the US mints in Philadelphia , Denver and San Francisco had produced a total of 757,813,744 SBA dollars that carried the date 1979 . There was low demand for them through 1980 , which saw a total mintage of 89,660,708 pieces from the three national mints . Because of its continuing unpopularity , production of the SBA coins for circulation was halted . The year 1981 saw mintage of 9,742,000 coins produced solely for the collector market . After production ended , there was a surplus of approximately 520,000,000 coins . If the Treasury melted them , it would have cost the government money . It cost around two cents to produce each coin , and the remaining 98 cents earned from seignorage was applied toward the national debt . Therefore , the massive surplus was stored in government vaults , to be distributed as needed later on .
The Resurrection of Susan B . Anthony
“ The Susan B . Anthony dollar just won ’ t die ,” begins a 1989 report found in the United Press International ( UPI ) archives .
The coins that carried her stern likeness began to leave their metaphorical coffins beginning in 1984 . That was the year the Baltimore Metro Subway opened — and used the small dollar coins for purchase of tickets . Then the United States Postal Service began to install stamp dispensing machines that took the SBA dollar coins .
36 FINANCIAL HISTORY | Summer 2023 | www . MoAF . org