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Smaller silver denominations in the United States were disappearing as the bullion value of silver far exceeded the face value of U.S. silver coinage. In response, Congress debated a bill which would overvalue most forms of silver coinage and authorize the U.S. Mint to purchase bullion for the new coins. The legislation lowered the silver ...
The coins were originally minted in two denominations, 20 and 40 francs for Napoléon Bonaparte. The 40-franc gold piece did not become popular. [8] The 20 franc coins are 21 mm in diameter (about the size of a U.S. five-cent piece or a Swiss 20 Rappen coin), weigh 6.45 grams (gross weight) and; at 90% pure, contain 0.1867 troy ounces (5.807 g) of pure gold.
The production of large numbers of U.S. gold coins (The first $1 and $20 gold coins were minted in 1849) from the new California mines lowered the price of gold, thereby increasing the value of silver. By 1853, the value of a U.S. silver dollar contained in gold terms, $1.04 of silver, equal to $38.09 today.
The silver three-cent piece (along with the half dime, and the two-cent piece as well as the temporary suspension of the standard silver dollar in favor of the Trade Dollar) was discontinued by the Coinage Act of 1873. [6] Civil War-era silver shortages led to widespread hoarding of all silver coins, and most one- and five-cent coins, as well. [3]
As a way of honoring more presidents, the U.S. Mint began issuing Presidential Dollar coins in the 2000s. Most are worth about face value, but a couple are valued in six figures due to errors .
The three-cent silver was the first American coin to contain metal valued significantly less than its face value, and the first silver coin not to be legal tender for an unlimited amount. The coin saw heavy use until Congress acted again in 1853, making other silver coins lighter, which kept them in circulation.