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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.
Summary Description Coinage Act 1873.pdf English: This is a draft of the unenacted bill, as passed by the House of Representatives in the form ready to be considered by the Senate.
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 ...
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.
A bill providing in part for the issuance of the trade dollar was eventually put before Congress, where it was approved, and signed into law as the Coinage Act of 1873. The act made trade dollars legal tender up to five dollars. A number of designs were considered for the trade dollar, and an obverse and reverse created by William Barber were ...
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In the postwar years, Congress and the Treasury considered a revision of the coinage laws, as the act of 1837 was deemed outdated. Retention of the two-cent piece was never seriously considered in the debates over what became the Mint Act of 1873 ; the only question concerning the minor coinage was whether to make the cent from bronze or copper ...
In 1870, Treasury Secretary George Boutwell sent Congress a draft bill to replace the outdated 1837 Mint Act and the bits of legislation passed over the years regarding the mint and coinage. Even in the draft bill, no provision was made for the three-cent silver, though some in Congress wished to retain the coin in anticipation of the ...