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The Coinage Act of 1864 was a United States federal law passed on April 22, 1864, which changed the composition of the one-cent coin and authorized the minting of the two-cent coin. The Director of the U.S. Mint developed the designs for these coins for final approval of the Secretary of the Treasury.
The legislation passed the House, and the Coinage Act of 1864 was signed by President Abraham Lincoln on April 22, 1864. The legislation made base metal coins legal tender for the first time: both cents and two-cent pieces were acceptable in quantities of up to ten. [15] The government would not, however, redeem them in bulk. [16]
While the Coinage Act made Civil War tokens impractical, the issue of their legality was decided on June 8, 1864, when Congress enacted 18 U.S.C. § 486, which made the minting and usage of non-government issued coins punishable by a fine of up to $2,000, (~$31,717 in 2023) a prison term of up to five years, or both.
Coinage Act of 1864, mandated that the inscription "In God We Trust" be placed on all coins minted as United States currency Coinage Act of 1873 , made the U.S. Mint part of the Treasury Department; silver demonetized, three minor coins terminated
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.
The Coinage Act of 1864 passed into law on April 22 of that year. After entering circulation several months later, the bronze cent and two-cent piece circulated in trade without being hoarded. [10] The bronze alloy was easier to strike than the copper-nickel one, allowing details to be brought forth sharply and extending the life of coinage ...
Finally, in 1892, an oversight caused the Coinage Act to lose the language which mandated inclusion of the phrase. [47] " IN GOD WE TRUST" first appeared on the obverse side of the Two-cent piece in 1864. [8] $20 interest-bearing note from 1864; "in god is our trust" appears on the bottom-right shield.
2 Coinage. 3 Notes. 4 References. Toggle the table of contents. Obsolete denominations of United States currency. ... 1864–1873 Three-cent nickel. 3¢ 1.94 g (0.068 oz)