Search results
Results From The WOW.Com Content Network
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. [16] 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. [16]
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 ...
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).
The Coinage Act of 1873, enacted by the United States Congress in 1873, embraced the gold standard and de-monetised silver. Western mining interests and others who wanted silver in circulation labeled this measure the "Crime of '73".
Under the Coinage Act of 1792, gold coins had different values, including $2.50 (called a quarter eagle), $5 (half eagle) and $10 (eagle).
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 Act formalized the American gold standard that the Coinage Act of 1873, which demonetized silver, and the Resumption Act of 1875, which made all legal tender notes redeemable in gold at the Treasury, had established by default.