$1 Coin

* As a principal sponsor of the legislation to improve our currency and a former chairman of the banking subcommittee with jurisdiction over coinage, I am baffled by the U.S. Mint director’s unsolicited position opposing a new $1 coin (Commentary, July 10).

Contrary to Philip Diehl’s perspective, I have studied this issue and crafted the legislation to respond to the errors of the past. He also fails to mention that both the General Accounting Office (GAO) and the Federal Reserve agree that the $1 coin will save our government billions of dollars over the next 30 years and improve the efficiency of our nation’s commerce.

The GAO, in a 1993 study, stated we can indeed learn from our mistakes, just as the Canadians and all other G-7 nations have done in adopting a high denomination coin. Diehl’s shortsightedness can be likened to those that said the horse and buggy could never be replaced by the automobile. Should we wait until the dollar is worth today’s penny to switch? Of course not. The time has come to change to the longer-lasting, easier-to-use $1 coin.

REP. ESTEBAN E. TORRES

D-La Puente

* Diehl’s column, which suggests that Americans will refuse to accept a dollar coin to replace the present bill, is simply amazing. The quick answer to the problem is to simply withdraw the paper dollar and feed the present Susan B. Anthony coins into the currency system. Within a year or so everyone will have adapted to the coin and we will all wonder what all the fuss was about.

ROBERT A. RAMSAY

Arcadia