  We show that a special superconformal coset (with $\hat c =3$) is equivalent
to $c=1$ matter coupled to two dimensional gravity. This identification allows
a direct computation of the correlation functions of the $c=1$ non-critical
string to all genus, and at nonzero cosmological constant, directly from the
continuum approach. The results agree with those of the matrix model. Moreover
we connect our coset with a twisted version of a Euclidean two dimensional
black hole, in which the ghost and matter systems are mixed.
