 Sometime after the December 1920 hearing requested by the ANA , the chairman of the U.S. Commission of Fine Arts , Charles Moore , became aware of the proposed congressional action , and decided to investigate . Moore , together with Commission member and Buffalo nickel designer James Earle Fraser , met with Mint Director Baker on May 26 , 1921 , and they agreed that it would be appropriate to hold a design competition for the proposed dollar , under the auspices of the Commission . This was formalized on July 26 with the Commission 's written recommendation to the Mint that a competition , open only to invited sculptors , be used to select designs . The winner of the competition was to receive $ 1 @,@ 500 prize money , while all other participants would be given $ 100 . On July 28 , President Harding issued Executive Order 3524 , requiring that coin designs be submitted to the Commission before approval by the Treasury Secretary . In early September , following the failure of the bill , Baker contacted Moore , putting the matter aside pending congressional action . 
