Coinage Act of 1873
Videos
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 s
Under an 1853 act, depositors could no longer have their metal struck into half dollars.
John Jay Knox, photographed by Mathew Brady
Senator John Sherman shepherded the bill through Congress.
The standard silver dollar was abolished by the Coinage Act of 1873.
Bimetallism
Videos
Bimetallism, also known as the bimetallic standard, is a monetary standard in which the value of the monetary unit is defined as equivalent to certain quantities of two metals, creating a fixed rate o
Coinage Act of 1873
…a legally defined weight of silver, and another legally defined quantity of gold. Having a currency defined in terms of two different metals is called bimetallism. Such a system may experience instability as the price of gold and silver on the world market changes, and this took place in the first decades after…
Gold Croeseid, minted by King Croesus c. 561–546 BCE. (10.76 grams, Sardis mint)
Silver Croeseid, minted by King Croesus c. 560–546 BCE. (10.59 grams, Sardis mint)
Croeseid bimetallic equivalence: 1 gold Croeseid of 8.1 grams was equivalent in value to 10 silver Croeseids of 10.8 grams.
Achaemenid bimetallic equivalence: 1 gold Daric was equivalent in value to 20 silver Sigloi. Under the Achaemenids the exchange rate in weight between gold and silver was 1 to 13.