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The Coinage Act of 1792 (also known as the Mint Act; officially: An act establishing a mint, and regulating the Coins of the United States), passed by the United States Congress on April 2, 1792, created the United States dollar as the country's standard unit of money, established the United States Mint, and regulated the coinage of the United States. [1]
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.
Coins were first made of scraps of metal by hitting a hammer positioned over an anvil. The Chinese produced primarily cast coinage, and this spread to South-East Asia and Japan. Although few non-Chinese cast coins were produced by governments, it was a common practice amongst counterfeiters. Electrum coin from Ephesus, 650-625 BC.
Copper Coinage Act of 1792 was penned as two sections providing authorizations and rulings for the issuance of authentic copper currency by the United States Mint. U.S. Mint Director, appointed and endorsed by the Coinage Act of 1792 , was authorized to contract and purchase a quantity of a group 11 element being pure or unalloyed copper.
The coinage metals comprise those metallic chemical elements and alloys which have been used to mint coins. Historically, most coinage metals are from the three nonradioactive members of group 11 of the periodic table : copper , silver and gold .
The royal administration was also responsible for the construction and operation of the mints, the standard of coinage, and the coinage. With the sharp upturn in the economy from the 9th century, the right of coinage, often connected with customs and market rights, was delegated to ecclesiastical rulers, mainly bishops.
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