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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.
Production of patterns continued into 1873, but the denomination of the pattern coins was changed from "commercial dollar" to "trade dollar" before the bill was signed into law. [13] After passage of the Coinage Act, Linderman met with Director of the Mint James Pollock to discuss the design of the newly authorized trade dollar. [13]
Text of the Coinage Act of 1873, H.R. 2934. Source: This file is lacking source information. Please edit this file's description and provide a source. Author:
After much debate in Congress, President Ulysses S. Grant signed the Coinage Act of 1873 on February 12 of that year. The law abolished the two-cent piece, the trime, the half dime, and the standard silver dollar (later restored in 1878).
Retention of the two-cent piece was never seriously considered in the debates over what became the Mint Act of 1873; the only question concerning the minor coinage was whether to make the cent from bronze or copper-nickel, and how large to make the three-cent nickel. With those pieces remaining unchanged, the bill passed on February 12, 1873 ...
The Panic of 1873 was a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877 or 1879 in France and in Britain. In Britain, the Panic started two decades of stagnation known as the " Long Depression " that weakened the country's economic leadership. [ 1 ]
The Coinage Act of 1873 comes into force, ending bimetallism in the U.S. and placing the nation firmly on the gold standard. Hinsdale, Illinois is incorporated. April 13 – Between 62 and 153 Republican freedmen and state militia die in the Colfax massacre while attempting to protect the Grant Parish courthouse, including about 50 who surrendered.
The Coinage Act of 1853, 10 Stat. 160, was a piece of legislation passed by the United States Congress which lowered the silver content of the silver half dime, dime, quarter dollar, and half dollar, and authorized a three dollar gold piece.