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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 ...
Today, the Comstock Lode is being explored by Comstock Mining Inc. [14] of Virginia City, Nevada, which has consolidated control of approximately 70% of Comstock mining claims. On September 30, 2012, Comstock Mining Inc. returned gold and silver production to the Comstock with its first pour of doré bullion [ 15 ] and continues surface mining ...
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.
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 ...
The Comstock Act was passed in 1873, banning anything that could be interpreted as obscene or sexual from the post, as well as contraceptives and abortifacients. Monetary policy of the 1870s centered on addressing the economic fallout of the Civil War and the introduction of paper money, as well as the Panic of 1873 and the resulting Long ...
The Greenbackers condemned the National Banking System, created by the National Banking Act of 1863, the harmonization of the silver dollar (Coinage Act of 1873 was in fact the "Crime of '73" to Greenback), and the Resumption Act of 1875, which mandated that the U.S. Treasury issue specie (coinage or "hard" currency) in exchange for greenback ...
The Coinage Act of 1965 removed all silver from quarters and dimes, which were 90% silver prior to the act. However, there was a provision in the act allowing some coins to contain a 40% silver consistency, such as the Kennedy Half Dollar. Later, even this provision was removed, with the last circulating silver-content halves minted in 1969.