In the midst of the Great Depression, in 1933, it was decided to stop producing Just like Gold Coins and certificates and it would be against the law for US citizens to own or trade with gold. Designs of coins can now be changed after 25 years without Congressional approval.ĭiscontinue mintage of the Three Cent Nickel and the $3 and $1 gold pieces Gold Reserve Act To amend section 3510 of the Revised Statues of the United States. President Grover Cleveland repealed the Act in 1893, but it was too late. As a result, banks failed, businesses closed, unemployment rose and the country went into an economic depression (known as the Panic of 1893). Eventually the demand of silver notes greatly reduced, lowering the price of silver and putting people in a panic. People used the silver notes to purchase gold, depleting the gold reserve. This helped the farmers who were deep in debt to pay their debts with cheaper money.
Originally called the Silver Purchase Act of 1890, the US government would purchase 4.5 million ounces of silver on top of the silver from the Bland Allison Act. Though it passed, the President would only purchase the minimum amount.
Hayes vetoed the bill, but Congress overturned him. They would also be able to produce more Silver Coins (which would become Morgan Dollars ). The US Treasury would purchase between 2 and 4 million dollars of silver a month from western miners in an attempt to have both a silver and gold standard.
Introduced the Trade Dollar to exchange with the Far East. This hurt farmers and silver miners as the country was moving toward the gold standard. Coinage Act of 1873Įliminated the Two Cent Piece, Three Cent Silver and the Half Dime. Introduction of the Two Cent Piece and the motto “In God We Trust”. Repealed Foreign Coins as legal tender in the United States.Įliminated the half cents and reduced the size of the cent. Introduced the Gold Dollar and the $20 Double Eagle coins. Coinage Act of 1834Īdopted the gold standard by making 1 ounce of gold equal to 16 ounces of silver. Made the dollar the unit of money, and the decimal system for US coinage.Īuthorized the following coins: Half Cent, Cent, Half Dime (Silver), Dime (Silver), Quarter (Silver), Half Dollar (Silver), Dollar (Silver), Quarter Eagle ($2.50 Gold), Half Eagle ($5 Gold) and Eagle ($10 Gold). Here is a list of some of the bigger acts: Coinage Act of 1792 I thought it would be interesting to show some of laws that would introduce and eliminate coins throughout the years. The US Congress has passed a number of acts of legislation since 1792 changing the coinage of the United States. Thank you very much for reading and I hope to be making more soon.Augin Research tagged Gold Coins / Silver Dollars by Kevin Finally, resumption of silver coinage was authorized by the Act of and the weight and fineness of the coins were to conform to the act of Jan 18 1837. Also, many critics argued that the complete separation of silver would have detrimental effects on the economy and some thought the law was passed corruptly. The new limitations on silver coinage led to a shortage in this area. Those with large investments of silver were unable to turn them into money. Some problems did arise from this law though. Also, recent gold and silver rushes caused the government to view gold as the only reliable option to back up currency. This system was set up due to the large amount of dependence on silver earlier in the century. Furthermore, section seventeen stated "no coins, either of gold, silver, or minor coinage, shall hereafter be issued from the mint other than those of the denominations, standards, and weights herein set forth." In short, this meant that only the specially included coins stated within the coinage act could be used for legal tenders. Section 15 of the act set ramifications for the amount of future silver coins to be minted and their respective weights. The Coinage Law of 1873 changed the previous coinage act to regulate and limit all silver coinage.
Today I am writing about one of the most important coinage laws passed: The Coinage Act of 1873. Hello, this is my first blog post, it may be short but I hopefully it is at least informative.
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