The Susan B. Anthony Dollar and the Theory of Coin/Note Substitutions

Abstract

This paper analyzes governments' attempts to replace circulating notes with coins. It argues that because of network externalities in currency systems, a government cannot simply offer a new coin, such as the Susan B. Anthony dollar, to the public and expect it to circulate, even when the coin/note substitution would benefit the economy. For such a substitution to succeed, a government may need to force the adoption of the coin by withdrawing the competing bill from circulation. Copyright 1994 by Ohio State University Press.

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