Jul

3

In my quest to bore everyone to death, I have been working my way through the Coinage Acts. My favorite so far is still the first - The Coinage Act of April 2, 1792

The dollar was made the unit of account and defined by a weight and purity of gold and silver and the ratio between the two metals was fixed at 15 to 1. The provisions say nothing about the money supply; but they say a great deal about the assaying and engraving of the coins. They also provide for a 1/2 of 1% seignorage charge for the immediate exchange of bullion for gold coin. All coins shall be "legal tender". To make certain the Mint was doing its job properly, there would be an annual inspection by a committee of the Chief Justice of the Supreme Court, the Secretary and Comptroller of the Treasury, the Secretary of State and the Attorney General, with a quorum being 3 persons. The inspection was to be held on the last Monday of July and was to assay coins taken from each batch produced by the Mint during the preceding year.

As in most things legislative, the important provision is at the end.

The Coinage Act of April 2, 1792

(1 Stat. 246)

Statute I.

April 2, 1792 Chapter XVI.–An Act establishing a Mint, and

regulating the coins of the United States.

Mint established Be it enacted by the Senate and

at the seat of House of Representatives of the United States

government. of American in Congress assembled, and it is

hereby enacted and declared, That a mint for

the purpose of a national coinage be, and the

same is established, to be situate and

carried on at the seat of the government of

the United States, for the time being; and

that for the well conducting of the business

of the said mint, there shall be the

following officers and persons, namely, –a

Director, an Assayer, a Chief Coiner, an

Engarver, a Treasurer. …

Species of the And be it further enacted, That

coins to be there shall be from time to time struck and

struck. coined at the said mint, coins of gold,

silver, and copper, of the following denomi-

nations, values and descriptions, viz.

Eagles EAGLES–each to be of he value of ten dollars

or units, and to contain two hundred and

forty-seven grains and four eighths of a

grain of pure, or two hundred and seventy

grains of standard gold.

Half Eagles HALF EAGLES–each to be of the value of five

dollars, and to contain one hundred and

twenty-three grains and six eighths of a

grain of pure, or one hundred and thirty-five

grains of standard gold.

Quarter Eagles QUARTER EAGLES–each to be of the value of

two dollars and a half dollar, and to contain

sixty-one grains and seven eighths of a grain

of pure, or sixty-seven grains and four

eighths of a grain of standard gold.

Dollars or Units DOLLARS OR UNITS–each to be of 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, or four hundred and

sixteen grains of standard silver.

Half Dollars HALF DOLLARS–each to be of half the value of

the dollar or unit, and to contain one

hundred and eighty-five grains and ten

sixteenth parts of a grain of pure, or two

hundred and eight grains of standard silver.

Quarter Dollars QUARTER DOLLAR–each to be of one fourth the

value of the dollar or unit, and to contain

ninety-two grains and thirteen sixteenth

parts of a grain of pure, or one hundred and

four grains of standard silver.

Dimes DIMES–each to be of the value of one tenth

of a dollar or unit, and to contain thirty-

seven grains and two sixteenth parts of a

grain of pure, or forty-one grains and three

fifths parts of a grain of standard silver.

Half Dimes HALF DIMES–each to be of the value of one

twentieth of a dollar, and to contain

eighteen grains and nine sixteenth parts of a

grain of pure, or twenty grains and four

fifths parts of a grain of standard silver.

Cents CENTS–each to be of the value of the one

hundredth part of a dollar, and to contain

eleven penny-weights of copper.

Half Cents HALF CENTS–each to be of the value of half a

a cent, and to contain five penny-weights and

a half a penny-weight of copper.

Of what devices And be it further enacted, That,

upon the said coins respectively, there shall

be the following devices and legends, namely:

Upon one side of each of the said coins there

shall be an impression emblematic of liberty,

with an inscription of the word Liberty, and

the year of the coinage; and upon the reverse

of each of the gold and silver coins there

shall be the figure or representation of an

eagle, with this inscription, "UNITED STATES

OF AMERICA" and upon the reverse of each of

the copper coins, there shall be an

inscription which shall express the

denomination of the piece, namely, cent or

half cent, as the case may require.

Proportional value And be it further enacted, That

of gold and silver the proportional value of gold and silver in

all coins which shall by law be current as

money within the United States, shall be

fifteen to one, according to quantity in

weight, of pure gold or pure silver; that is

to say, every fifteen payments, with one

pound weight of pure gold, and so in

proportion as to any greater or less

quantities of the respective metals.

Standard for gold And be it further enacted, That

coins, and alloy the standard for all gold coins of the United

how to be regulated States shall be eleven parts fine to one part

alloy; and accordingly that eleven parts fine

to one part alloy; and accordingly that

eleven parts in twelve of the entire weight

of each of the said coins shall consist of

pure gold, and the remaining one twelfth part

of alloy; and the said alloy shall be

composed of silver and copper, in such

proportions not exceeding one half silver as

shall be found convenient; to be regulated by

the director of the mint, for the time being,

with the approbation of the President of the

United States, until further provision shall

be made by law. And to the end that the

necessary information may be had in order to

the making of such further provision,

Director to report It shall be the duty of the director of the

the practice of mint, at the expiration of a year commencing

mint touching the the operations of the said mint, to report to

alloy of gold Congress the practice thereof during the said

coins. year, touching the composition of the alloy

of the said gold coins, the reasons for such

practice, and the experiments and

observations which shall have been made

concerning the effects of different

proportions of silver and copper in the said

alloy.

Standard for silver And be it further enacted, That

coins–alloy how the standard for all silver coins of the

to be regulated. United States, shall be one thousand four

hundred and eighty-five parts fine to one

hundred and seventy-nine parts alloy; and

accordingly that one thousand four hundred

and eighty-five parts in one thousand six

hundred and sixty-four parts of the entire

weight of each of the said coins shall

consist of pure silver, and the remaining

Alloy. one hundred and seventy-nine parts of alloy;

which alloy shall be wholly of copper.

Penalty on de- And be it further enacted, That

basing the coins. if any of the gold or silver coins which

shall be struck or coined at the said mint

shall be debased or made worse as to the

proportion of the fine gold or fine silver

therein contained, or shall be of less weight

or value than the same out to be pursuant to

the directions of this act, through the

default or with the connivance of any of the

officers or persons who shall be employed at

the said mint, for the purpose of profit or

gain, or otherwise with a fraudulent intent,

and if any of the said officers or persons

shall embezzle any of the metals which shall

at any time be committed to their charge for

the purpose of being coined, or any of the

coins which shall be struck or coined at the

said mint, every such officer or person who

shall commit any or either of the said

offenses, shall be deemed guilty of felony,

and shall suffer death.

Money of account And be if further enacted, That

to be expressed in the money of account of the United States

dollars, etc. shall be expressed in dollars, or units,

dimes or tenths, cents or hundredths, and

the milles or thousandths, a dime being the

tenth part of a dollar, a cent the hundredth

part of a dollar, a mille the thousandth part

of a dollar, and that all accounts in the

public offices and all proceedings in the

courts of the United States shall be kept and

had in conformity to this regulation.


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