Coin Act of 1792

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The Coinage Act of 1792 (also Münzprägestättengesetz of 1792 ) had the official title "An Act to establish a mint and regulation of coins of the United States." It regulated the coinage of the United States and certain State Mint , which had the right coins manufacture for the United States. The law also regulates the size, type and design of the coins.

history

It was passed on April 2, 1792 and had the consequence that the Philadelphia Mint , the first state mint and at the same time the first official building of the emerging state, was built in the then capital of the United States, Philadelphia . It defined the quantitative exchange ratio of gold and silver at one to fifteen. According to the draft, the respective US President should be depicted on the top of the coins. This was rejected. On the top side there should be a motif that relates to the word freedom. The number side of the coin should read “United States of America”. On the number side of the copper coins , the face value should be embossed in letters. Every citizen could exchange their gold and silver bars for coins , either for free or for a fee . From now on, the government's accounts were kept in the new currency . In fact, the new currency leaned closely on the then reserve currency , the " Spanish Real " or "Spanish Dollar" (Spanish "Real de a 8"), which a year later, in 1793, was also legal tender in the United States as a silver coin has been.

Official coins in 1792

Silver coin Real de a 8 of the Spanish Crown from 1759
1804 silver dollars
Eagle $ 10 91.667% gold , 6% silver , 2.33% copper 17.5 g
Half-eagles $ 5 91.667% gold, 6% silver, 2.33% copper 8.75 g
Quarter eagle $ 2.50 91.667% gold, 6% silver, 2.33% copper 4.37 g
One dollar coin $ 1 89.25% silver, 10.75% copper 26.96 g
Half dollars $ 0.50 89.25% silver, 10.75% copper 13.50 g
Quarter dollars $ 0.25 89.25% silver, 10.75% copper 6.74 g
dime $ 0.10 89.25% silver, 10.75% copper 2.70 g
Half dim $ 0.05 89.25% silver, 10.75% copper 1.35 g
cent $ 0.01 100% copper 17.105 g
Half cents $ 0.005 100% copper 8.5525 g

Web links

Individual evidence

  1. ↑ A Mint Establishment and Regulation of the Coins of the United States. In: Facsimile of the law. April 2, 1792, accessed January 4, 2020 (eng).