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The Coinage Act of 1873 or Mint Act of 1873 was a general revision of laws relating to the Mint of the United States. By ending the right of holders of silver bullion to have it coined into standard silver dollars , while allowing holders of gold to continue to have their bullion made into money, the act created a gold standard by default.
In 1873, the government passed the Fourth Coinage Act and soon resumed specie payments without the free and unlimited coinage of silver. This put the U.S. on a mono-metallic gold standard, angering the proponents of monetary silver, known as the silverites. They referred to this act as "The Crime of ’73", as it was judged to have inhibited ...
It was during his time in Colorado that Harvey became exposed to the idea that the demonetization of silver through passage of the Coinage Act of 1873 had extremely deleterious economic effects on the American economy, including the multiyear Long Depression of 1873 to 1879, the Depression of 1882 to 1885, recessions in 1887 and 1890, and the ...
Over six days, he summarizes the United States’ financial history from the passage of the Coinage Act in 1792 to 1894, when the pamphlet was published. Coin introduces the audience to what he calls the "Crime of 1873", or the Fourth Coinage Act, which became controversial as the nation's debt and money supply went into doubt after the Civil War.
The Coinage Act of 1873 (also known as the Crime of ‘73) suspended the minting of the standard silver dollar (of 412.5 grains, 90% fine), the only fully legal tender coin that individuals could convert silver bullion into in unlimited (or Free silver) quantities, and right at the onset of the silver rush from the Comstock Lode in the 1870s.
In passing the Coinage Act, Congress eliminated bimetallism. [8] During the economic chaos of the Panic of 1873, the price of silver dropped significantly, but the Mint would accept none for striking into legal tender. Silver producers complained, and many Americans came to believe that only through bimetallism could the nation achieve and ...
In 1870, Treasury Secretary George Boutwell sent Congress a draft bill to replace the outdated 1837 Mint Act and the bits of legislation passed over the years regarding the mint and coinage. Even in the draft bill, no provision was made for the three-cent silver, though some in Congress wished to retain the coin in anticipation of the ...
Though the dollar came under the gold standard de jure only after 1900, the bimetallic era was ended de facto when the Coinage Act of 1873 suspended the minting of the standard silver dollar of 412.5 Troy grains = 26.73 g; 0.859 ozt, the only fully legal tender coin that individuals could convert bullion into in unlimited (or Free silver ...