If such weighty matters as deficits and dollar floats are troubling W. Michael Blumenthal, the treasury secretary, it may be that he ain't seen nothing yet.

Blumenthal is about to propose legislation to create a new one-dollar coin and, to keep it nice and uncontroversial, he wants to put Miss Liberty's image on it.

The trouble with that is that it is stirring up a huge controversy on Capitol Hill, and friends of the women's movement are fit to be tied over Blumenthal's idea.

They want the new coin to memorialize a woman - a real person, rather than the symbolic Miss Liberty - and the leading candidate seems to be Susan B. Anthony.

"I'm very disappointed in Secretary Blumenthal," said Sen. William Proxmire (D-Wis.), chairman of the Senate Banking, Housing and Urban Affairs Committee, which will deal with the administration bill.

"I think it's a cop-out," Proxmire said yesterday."Miss Liberty has been on our coinage for nearly 200 years. To continue this is to shortchange more than half of the electorate of this country - women," he said yesterday.

Knowing a good thing when he sees it, Proxmire said he intends to amend the bill as soon as it gets to his committee to require it to carry Anthony's image.

The women's caucus in the House already is on record in support of Anthony, the crusader whose work led to the 19th Amendment to the Constitution, giving women the right to vote.

The presence of three women - each of them outspoken on issues of feminism - on the House Committee on Banking, Finance and Urban Affairs seems to presage static for Blumenthal when his bill gets there.

Treasury spokesmen indicated yesterday that the administration bill may go to Congress as early as next week.

It will propose creation of a dollar-denomination coin to replace the Eisenhower coin - the so-called "silver dollar," which today contains no silver and is bulky.

The new copper and nickel coin would be smaller than a half-dollar and a shade larger than a quarter, a size that officials think will make it popular and easily handled.

The argument shaping up around Congress has more to do with the image the coin will bear than the coin itself.

Blumenthal, in a recent letter to Proxmire, acknowledged that many women have made "substantial contributions" to the nation.

But he said that to depart from past precedent - the use of symbolic Miss Liberty and the faces of former presidents on U.S. coins - "would surely invite unnecessary controversy."

The congressional committees have heard various favorite-daughter suggestions for the new coin: Eleanor Roosevelt, Harriett Tubman and Helen Keller among them.

But the real favorite is Anthony. A number of bills pending in Congress would honor her in other ways.

Sen. Edward M. Kennedy (D-Mass.) wants to make her Massachusetts birthplace a national historic site. Reps. Silvio O. Conte (R-Mass.) and Martin A. Russo (D-Ill.) want her birthday made a national holiday. Rep. Bill Frenzel (R-Minn.) would have her image on the two-dollar bill.

But Proxmire thinks her face on the coin makes the most sense. She would be seen and remembered every day by almost everyone.

There's another group of citizens who are less excited about image than they are about the idea of a small new one-dollar coin - the vending machine operators.

"We've been following this very closely, and Treasury has talked to us a great deal about it," said Richard Schreiber of Chicago, president of the National Automatic Merchandising Association.

"This new coin could broaden the range of merchandising and services that you could get from a machine," he said.