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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.
When President Ulysses S. Grant signed into law the Coinage Act of 1873, the ramifications of his action would not be noticed for several years. The passage of this act, though, ended up being so notorious that many would later call it the “Crime of 1873.”
The Crime of ‘73 refers to the passage of the Coinage Act of 1873 by the United States Congress, which effectively demonetized silver and transitioned the country to a Gold Standard. This decision, made without sufficient public debate, angered silver mining interests and agrarian groups who relied on the coinage of silver by the U.S. Mint.
The “crime of 1873” is a significant turning point in American economic history that revolves around the Coinage Act of 1873. This act marked the omission of the standard silver dollar from the official coinage, fundamentally altering the monetary landscape of the United States.
The Coinage Act of 1873 (also called the "Crime of 1873" by silver miners) demonetized silver, effectively causing a slump in silver demand and prices.
The Crime of 1873 refers to dropping silver dollars from official coinage by act of Congress in that year, setting the stage for the adoption of the gold standard in the U.S.
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.