Senators have proposed minting a U.S. gold coin.

Legislation was introduced in the Senate by a bipartisan group to permit the minting of a U.S. Treasury gold coin that would compete in the world markets with the South African Krugerrand. Referring to South Africa’s apartheid government, Sen. Alan Cranston (D-Calif.) said the coin would give investors and collectors “a free choice between a symbol of liberty and a symbol of race hatred.” The bill calls for the new coin, the Liberty Double Eagle, to contain exactly one ounce of gold and to possess other characteristics that have made the Krugerrand attractive to buyers of gold coins.