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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.
Production of patterns continued into 1873, but the denomination of the pattern coins was changed from "commercial dollar" to "trade dollar" before the bill was signed into law. [13] After passage of the Coinage Act, Linderman met with Director of the Mint James Pollock to discuss the design of the newly authorized trade dollar. [13]
Text of the Coinage Act of 1873, H.R. 2934. Source: This file is lacking source information. Please edit this file's description and provide a source. Author:
The Panic of 1873 was a financial crisis that triggered an economic depression in Europe and North America that lasted from 1873 to 1877 or 1879 in France and in Britain. In Britain, the Panic started two decades of stagnation known as the " Long Depression " that weakened the country's economic leadership. [ 1 ]
After much debate in Congress, President Ulysses S. Grant signed the Coinage Act of 1873 on February 12 of that year. The law abolished the two-cent piece, the trime, the half dime, and the standard silver dollar (later restored in 1878).
Over six days, he summarizes the United States’ financial history from the passage of the Coinage Act in 1792 to 1894, when the pamphlet was published. Coin introduces the audience to what he calls the "Crime of 1873", or the Fourth Coinage Act, which became controversial as the nation's debt and money supply went into doubt after the Civil War.
In 1873, Congress had removed the use of silver dollar from the list of authorized coins under the Coinage Act of 1873 (referred to by opponents as 'the Crime of '73'"). Although the Bland–Allison Act of 1878 directed the Treasury to purchase silver from the "best-western" miners, President Grover Cleveland repealed the act in 1893. [4]
John Jay Knox Jr. (March 19, 1828 – February 9, 1892) [2] was an American financier and government official. He is best remembered as a primary author of the Coinage Act of 1873, which discontinued the use of the silver dollar.