The US Coinage Act
From the Archives
Originally published February 15th, 2010
1783 words -
Reading time : 4 - 7 minutes
April 2, 1792 :
The 1792 Coinage Act had an interesting provision under Section 19.
SEC.
19. And be it further enacted, That 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 fine gold or fine silver therein contained, or shall be of
less weight or value than the same ought 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 offences, shall be deemed guilty of felony, and shall suffer
death.
____________ FULL TEXT OF THE ACT ____________
Excerpts
from the Coinage Act of 1792
Act of 2 April 1792, 1 Statutes at Large
246 CHAPTER XVI. – An Act establishing a Mint, and regulating the Coins
of the United States.
SECTION 1. Be it enacted by the Senate and
House of Representatives of the United States of America 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.
* * * * *
SECTION. 9. And be
it further enacted, That there shall be from time to time struck and
coined at the said mint, coins of gold, silver, and copper, of the
following denominations, values and descriptions, viz.,
EAGLES –
each to be of the value of ten dollars or units, and to contain two
hundred and forty-seven grains and four eights of a grain of pure, or
two hundred and seventy grains of standard gold.
HALF EAGLES –
each to be of the value of five dollars, and to contain one hundred and
twenty-three grains and six eights of a grain of pure, or one hundred
and thirty five grains of standard gold.
QUARTER EAGLES – each of
be of the value of two dollars and a half dollar, and to contain
sixty-one grains and seven eights of a grain of pure, or sixtyseven
grains and four eights of a grain of standard gold.
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 – 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 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.
DISMES – 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 two sixteenth parts of a grain of standard silver.
HALF
DISMES – 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 fifth parts of a grain of standard silver.
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 – each to be of the value of half a cent, and to contain five penny-weights and a half penny-weight of copper.
SECTION
10. 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 of half cent, as the case may
require.
SECTION 11. And be it further enacted, That the
proportional value of gold to silver in all coins which shall by law be
current as money within the United States, shall be as fifteen to one,
according to quantity in weight, of pure gold or pure silver; that is to
say, every fifteen pounds weight of pure silver shall be of equal value
in all payments, with one pound weight of pure gold, and so in
proportion as to any greater or less quantities of the respective
metals.
SECTION 12. And be it further enacted, That the standard
for all gold coins of the United States shall be 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.
SECTION 13. And be it further enacted, That the standard
for all silver coins of the 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 one hundred and seventy- nine parts of alloy; which alloy
shall be wholly of copper.
SECTION 14. And be it further enacted,
That it shall be lawful for any person or persons to bring to the said
mint gold and silver bullion, in order to their being coined; and that
the bullion so brought shall be there assayed and coined as speedily as
may be after the receipt thereof, and that free of expense to the person
or persons by whom the same shall have been brought. And as soon as the
said bullion shall have been coined, the person or persons by whom the
same shall have been delivered, shall upon demand receive in lieu
thereof coins of the same species of bullion which shall have been
delivered, weight for weight, of the pure gold or pure silver therein
contained: Provided nevertheless, That it shall be at the mutual option
of the party or parties bringing such bullion, and of the director of
the said mint, to make an immediate exchange of coins for standard
bullion, with a deduction of one half per cent, from the weight of the
pure gold, or pure silver contained in the said bullion, as an
indemnification to the mint for the time which will necessarily be
required for coining the said bullion, and for the advance which shall
have been so made in coins.
* * * * *
SECTION
16. And be it further enacted, That all the gold and silver coins which
shall have been struck at, and issued from the said mint, shall be a
lawful tender in all payments whatsoever, those of full weight according
to the respective values herein before described, and those of less
than full weight at values proportional to their respective weights.
SECTION
17. And be it further enacted, That it shall be the duty of the
respective officers of the said mint, carefully and faithfully to use
their best endeavours that all the gold and silver coins which shall be
struck at the said mint shall be, as nearly as may be, conformable to
the several standards and weights aforesaid.
SECTION 19. And be
it further enacted, That 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 fine gold or fine silver therein contained, or
shall be of less weight or value than the same ought 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, * * * every such officer or person who shall be guilty of any * *
* of the said offenses, shall be deemed guilty of felony, and shall
suffer death.
SECTION 20. And be it further enacted, That the
money of account of the United States shall be expressed in dollars or
units, dismes or tenths, cents or hundredths, and milles or thousandths,
a disme 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.
APPROVED, April 2, 1792.
Trace Mayer
RuntoGold.com
Trace Mayer, J.D., holds a degree in
Accounting from Brigham Young University, a law degree from California
Western School of Law and studies the Austrian school of economics. He
works as an entrepreneur, investor, journalist and monetary scientist.
He is a strong advocate of the freedom of speech, a member of the
Society of Professional Journalists and the San Diego County Bar
Association. He has appeared on ABC, NBC, BNN, many radio shows and
presented at many investment conferences throughout the world.
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