#Coinage act full
#Coinage act free

From the weight of the pure gold or pure silver contained in the said bullion, as an indemnification the mint for the time which will necessarily be required for coining the said bullion, and for the advance which shall have been so made in coins.

And as soon as said bullion shall have been coined, the person * * * by whom the same shall have been delivered, shall upon demand receive in lieu thereof coins of the same species of bullion which shall have been delivered, weight to weight, of the pure gold or pure silver therein contained: Provided nevertheless, That it shall be at the option of the party * * * bringing such bullion, and of the director of the * * * mint to make an immediate exchange of coins for standard bullion, with a deduction of one half per cent.

#Coinage act free

Congress also provided for вЂњfree coinageвЂќ: namely that вЂњany personвЂќ mightД«ring to the * * * mint gold and silver bullion, in order to their being coined and the bullion so brought shall be coined as speedily as may be after the receipt thereof, and that free of expense to the person * * * by whom the same shall have been brought.

#Coinage act full

And it made all the gold and silver coins * * * issued from the * * * mint * * * a lawful tender in all payments whatsoever, those of full weight according to the respective values * * * declared, and those of less than full weight at values proportional to their respective weightsвЂќ. For, following HamiltonвЂ™s recommendation, Congress fixed the proportional value of gold to silver in all coins which shall by law be current as money within the United StatesвЂќ at вЂњfifteen to one, according to quantity in weight, of pure gold or pure silverвЂќ. It reiterated the judgment of the Continental Congress and the Constitution that вЂњthe money of account of the United States shall be expressed in dollars or units,вЂќ and defined the вЂњDOLLARS OR UNITSвЂќ in terms of weight, as вЂњof the value of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure * * * silver.вЂќ Recognizing that to adopt HamiltonвЂ™s suggestion of a parallel вЂњgold dollarвЂќ would cause confusion, Congress created no such coin, instead mandating the coinage of вЂњEAGLESвЂќ, вЂњeach to be of the value of ten dollars or units, and to contain two hundred and forty-seven grains and four eighths of a grain of pure * * * goldвЂќ, the weight of fine gold then believed equivalent in the market place to 3, 712-ВЅ grains of fine silver. Congress followed common-law tradition by continuing the use of silver, gold, and copper as вЂњMoneyвЂќ. The Coinage Act of 1792 initiated a new statutory system, embodying the common-law and constitutional principles Hamilton had reaffirmed in his Report. Nowhere did the Act refer to a вЂњgold dollar,вЂќ only to various gold coins of other names that it valued in вЂњdollars.вЂќ Дў.) An Act establishing a Mint, Act of 2 April 1792, В§ 9, 1 Stat. It explicitly defined the вЂњdollarвЂќ as a fixed weight of silver, and вЂњregulate the ValueвЂќ of gold coins according to this standard unit (or money of account) and the market exchange-ratio between the two metals. (troy) of fine silver.вЂќ The Act did no such thing. For example, the Encyclopaedia Britannica erroneously reports that the вЂњdollar * * * was defined in the Coinage Act of 1792 as either 24.75 gr. Thus, Congress did not establish a вЂњgold dollar,вЂќ or enact a вЂњgold standard,вЂќ as the popular misconception holds. Following HamiltonвЂ™s recommendation, though, it fixed вЂњthe proportional value of gold to silver in all coins which shall by law be current as money within the United StatesвЂќ at вЂњfifteen to one, according to quantity in weight, of pure gold or pure silver.вЂќ And it made вЂњall the gold and silver coins * * * issued from the * * * mint * * * a lawful tender in all payments whatsoever, those of full weight according to the respective values, and those of less than full weight at values proportional to their respective weights.вЂќ Recognizing that to adopt Alexander HamiltonвЂ™s suggestion of a вЂњgold dollarвЂќ would cause confusion and require constant governmental supervision to вЂњregulate * * * Value,вЂќ Congress created no such coin, instead mandating the coinage of вЂњEAGLES,вЂќ вЂњeach to be of the value of ten dollars or units,вЂќ that is, of the weight of fine gold equivalent in the marketplace to 371.25 grains of fine silver. For a more extensive analysis on the significance of this, see What is a вЂњDollarвЂќ?: An Historical Analysis of the Fundamental Question In Monetary Policy