1.
Coin
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A coin is a small, flat, round piece of metal or plastic used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in quantities at a mint in order to facilitate trade. They are most often issued by a government, Coins are usually metal or alloy, or sometimes made of synthetic materials. Coins made of metal are stored in large quantities as bullion coins. Other coins are used as money in transactions, circulating alongside banknotes. Usually the highest value coin in circulation is less than the lowest-value note. In the last hundred years, the value of circulation coins has occasionally been lower than the value of the metal they contain. Exceptions to the rule of face value being higher than content value also occur for some bullion coins made of copper, silver, or gold, while the Eagle, Maple Leaf, and Sovereign coins have nominal face values, the Krugerrand does not. The first coins were developed independently in Iron Age Anatolia and Archaic Greece, India, Coins spread rapidly in the 6th and 5th centuries BCE, throughout Greece and Persia, and further to the Balkans. Standardized Roman currency was used throughout the Roman Empire, important Roman gold and silver coins were continued into the Middle Ages. Fiat money first arose in medieval China, with the paper money. Early paper money was introduced in Europe in the later Middle Ages, the penny was minted as a silver coin until the 17th century. The first circulating United States coins were cents, produced in 1793, Coins were an evolution of currency systems of the Late Bronze Age, where standard-sized ingots, and tokens such as knife money, were used to store and transfer value. In the late Chinese Bronze Age, standardized cast tokens were made and these were replicas in bronze of earlier Chinese currency, cowrie shells, so they were named Bronze Shell. According to Aristotle and Pollux, the first issuer of coins was Hermodike of Kyme The earliest coins are associated with Iron Age Anatolia. Early electrum coins were not standardized in weight, and in their earliest stage may have been ritual objects, such as badges or medals, issued by priests. The first Lydian coins were made of electrum, a naturally occurring alloy of silver, most of the early Lydian coins include no writing, only an image of a symbolic animal. Anatolian Artemis was the Πὀτνια Θηρῶν, whose symbol was the stag, a small percentage of early Lydian/Greek coins have a legend
2.
Groat (coin)
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The immediate ancestor to the groat was the French gros tournois or groat of Tours, which was known as the groot in the Netherlands. The name groat also refers to a range of other European coins such as those of the Italian peninsula known as a grosso including the grosso of Venice, marco Polo referred to the groat in recounts of his travels to East Asia when describing the currencies of the Yuan Empire. His descriptions were based on the conversion of 1 bezant =20 groats = 133⅓ tornesel and it was after the French silver coin had circulated in England that an English groat was first minted under King Edward I. Scots groats were not issued until the reign of David II, scots groats were originally also worth fourpence, but later issues were valued at eightpence and a shilling. Irish groats were minted first in 1425 and the last ones were minted under the reign of Elizabeth I of England, there were also two more issues, both emergency coinage. The weight was reduced to 72 grains under Edward III,60 grains under Henry IV, from 1544 to 1560 the silver fineness was less than sterling, and after the 1561 issue they were not generally issued for circulation again for about a hundred years. From the reigns of Charles II to George III, groats were issued on a basis for general circulation, the only years of mintage after 1786 being in 1792,1795. After this the only circulating issues were from 1836 to 1855, with proofs known from 1857 and 1862 and these last coins had the weight further reduced to about 27 grains and were the same diameter as the silver threepenny pieces of the day although thicker. Some groats continued to circulate in Scotland until the 20th century, at times in the past, silver twopenny coins have been called half-groats. The groat ceased to be minted in the United Kingdom in 1856, but in 1888 a special request was made for a variety to be minted for use in British Guiana. The groat remained in circulation in British Guiana right up until that territory adopted the system in 1955. In the 1600s and 1700s, chaplains were employed in English Navy ships of war by the Captain, the Navys wages did not rise between 1653 and 1797, during which time the Ordinary Seaman was paid 19 shillings, as was the chaplain. The word groat has entered into a number of English and Scottish expressions, in the north of England, there is the saying Blood without groats is nothing meaning family without fortune is worthless. The allusion is to black pudding, which consists chiefly of blood and oats formed into a sausage, not worth a groat is an old saying meaning not worth a penny, i. e. worthless. Benjamin Franklin, in his book, Necessary Hints gives the following thrifty advice, He that spends a groat a day idly, beatrix Potters The Tale of Squirrel Nutkin features the following riddle, Riddle me, riddle me, rot-tot-tote. A little wee man in a red red coat, a staff in his hand, and a stone in his throat, If youll tell me this riddle, Ill give you a groat. This refers to the Victorian fourpenny piece, the mention of cab fares is related to the fact that the standard minimum was fourpence, so many passengers paid with a sixpenny piece, allowing the cabbie to keep the twopence change as a tip. The slang name Joey was transferred to the silver/cupronickel threepenny pieces in use in the first third of the twentieth century, in A Little Princess by Frances Hodgson Burnett, Sara Crewe picks up a fourpenny piece from the street and uses it to buy buns
3.
Elizabeth I of England
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Elizabeth I was Queen of England and Ireland from 17 November 1558 until her death. Sometimes called The Virgin Queen, Gloriana or Good Queen Bess, Elizabeth was the daughter of Henry VIII and Anne Boleyn, his second wife, who was executed two and a half years after Elizabeths birth. Annes marriage to Henry VIII was annulled, and Elizabeth was declared illegitimate, edwards will was set aside and Mary became queen, deposing Lady Jane Grey. During Marys reign, Elizabeth was imprisoned for nearly a year on suspicion of supporting Protestant rebels, in 1558, Elizabeth succeeded her half-sister to the throne and set out to rule by good counsel. She depended heavily on a group of trusted advisers, led by William Cecil, one of her first actions as queen was the establishment of an English Protestant church, of which she became the Supreme Governor. This Elizabethan Religious Settlement was to evolve into the Church of England and it was expected that Elizabeth would marry and produce an heir to continue the Tudor line. She never did, despite numerous courtships, as she grew older, Elizabeth became famous for her virginity. A cult grew around her which was celebrated in the portraits, pageants, in government, Elizabeth was more moderate than her father and half-siblings had been. One of her mottoes was video et taceo, in religion, she was relatively tolerant and avoided systematic persecution. Elizabeth was cautious in foreign affairs, manoeuvring between the powers of France and Spain. She only half-heartedly supported a number of ineffective, poorly resourced military campaigns in the Netherlands, France, by the mid-1580s, England could no longer avoid war with Spain. Englands defeat of the Spanish Armada in 1588 associated Elizabeth with one of the greatest military victories in English history, Elizabeths reign is known as the Elizabethan era. Some historians depict Elizabeth as a short-tempered, sometimes indecisive ruler, towards the end of her reign, a series of economic and military problems weakened her popularity. Such was the case with Elizabeths rival, Mary, Queen of Scots, after the short reigns of Elizabeths half-siblings, her 44 years on the throne provided welcome stability for the kingdom and helped forge a sense of national identity. Elizabeth was born at Greenwich Palace and was named after both her grandmothers, Elizabeth of York and Elizabeth Howard and she was the second child of Henry VIII of England born in wedlock to survive infancy. Her mother was Henrys second wife, Anne Boleyn, at birth, Elizabeth was the heir presumptive to the throne of England. She was baptised on 10 September, Archbishop Thomas Cranmer, the Marquess of Exeter, the Duchess of Norfolk, Elizabeth was two years and eight months old when her mother was beheaded on 19 May 1536, four months after Catherine of Aragons death from natural causes. Elizabeth was declared illegitimate and deprived of her place in the royal succession, eleven days after Anne Boleyns execution, Henry married Jane Seymour, who died shortly after the birth of their son, Prince Edward, in 1537
4.
Soho Mint
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Soho Mint was created by Matthew Boulton in 1788 in his Soho Manufactory in Handsworth, West Midlands, England. A mint was erected at the manufactory containing eight machines, to his own patent design, driven by steam engine, in addition to copper domestic coins, silver coins were made for some of the colonies, and various medals and trade tokens were struck. After the demise of the Soho Mint some of the machinery was bought at auction, in 1850, the common coinage, copper halfpennies, was subject to severe counterfeiting. No copper coinage had been issued by the Royal Mint since 1754 apart from inadequate issues of halfpence, the diameter was made strictly defined by striking within a collar so that diameter, thickness and weight could be used to prove the quality of the metal. In 1797 the first, and only, copper twopenny and the first penny coins were produced under contract although the smaller denominations did not follow until later. These coins were large, having a broad raised rim with the inscription pressed below the surface. Over 45 million were minted in two years, sohomint. info A website celebrating Matthew Boulton, his mint and its products
5.
Coins of the United States dollar
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Coins of the United States dollar were first minted in 1792. New coins have been produced annually since then and they make up an aspect of the United States currency system. Today, circulating coins exist in denominations of 1¢, 5¢, 10¢, 25¢, 50¢, also minted are bullion and commemorative coins. All of these are produced by the United States Mint, the coins are then sold to Federal Reserve Banks which in turn are responsible for putting coins into circulation and withdrawing them as demanded by the countrys economy. Today four mints operate in the United States producing billions of coins each year, the main mint is the Philadelphia Mint, which produces circulating coinage, mint sets and some commemorative coins. The Denver Mint also produces circulating coinage, mint sets and commemoratives, the San Francisco Mint produces regular and silver proof coinage, and produced circulating coinage until the 1970s. The West Point Mint produces bullion coinage, Philadelphia and Denver produce the dies used at all of the mints. The proof and mint sets are manufactured each year and contain examples of all of the circulating coins. The producing mint of each coin may be identified, as most coins bear a mint mark. The identifying letter of the mint can be found on the front side of most coins, unmarked coins are issued by the Philadelphia mint. The mass and composition of the cent changed to the current copper plated zinc core in 1982, both types were minted in 1982 with no distinguishing mark. Cents minted in 1943 were struck on planchets punched from zinc coated steel which left the resulting edges uncoated and this caused many of these coins to rust. These steel pennies are not likely to be found in circulation today, the wheat cent was mainstream and common during its time. Some dates are rare, but many can still be found in circulation, nickels produced from mid-1942 through 1945 were manufactured from 56% copper, 35% silver and 9% manganese. This allowed the saved nickel metal to be shifted to production of military supplies during World War II. Few of these are found in circulation. Prior to 1965 and passage of the Coinage Act of 1965 the composition of the dime, quarter, half-dollar and dollar coins was 90% silver, the half-dollar continued to be minted in a 40% silver-clad composition between 1965 and 1970. Dimes and quarters from before 1965 and half-dollars from before 1971 are generally not in circulation due to being removed for their silver content, in 1975 and 1976 bicentennial coinage was minted
6.
United States Declaration of Independence
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Instead they formed a new nation—the United States of America. John Adams was a leader in pushing for independence, which was passed on July 2 with no opposing vote cast, a committee of five had already drafted the formal declaration, to be ready when Congress voted on independence. The term Declaration of Independence is not used in the document itself, John Adams persuaded the committee to select Thomas Jefferson to compose the original draft of the document, which Congress would edit to produce the final version. The next day, John Adams wrote to his wife Abigail, The Second Day of July 1776, will be the most memorable Epocha, but Independence Day is actually celebrated on July 4, the date that the Declaration of Independence was approved. After ratifying the text on July 4, Congress issued the Declaration of Independence in several forms and it was initially published as the printed Dunlap broadside that was widely distributed and read to the public. The source copy used for printing has been lost. Jeffersons original draft, complete with changes made by John Adams and Benjamin Franklin, the best known version of the Declaration, a signed copy that is popularly regarded as the official document, is displayed at the National Archives in Washington, D. C. This engrossed copy was ordered by Congress on July 19, the sources and interpretation of the Declaration have been the subject of much scholarly inquiry. Having served its purpose in announcing independence, references to the text of the Declaration were few in the following years. Abraham Lincoln made it the centerpiece of his rhetoric, and his policies and this has been called one of the best-known sentences in the English language, containing the most potent and consequential words in American history. The passage came to represent a standard to which the United States should strive. Believe me, dear Sir, there is not in the British empire a man who more cordially loves a union with Great Britain than I do. But, by the God that made me, I will cease to exist before I yield to a connection on such terms as the British Parliament propose, and in this, I think I speak the sentiments of America. By the time that the Declaration of Independence was adopted in July 1776, relations had been deteriorating between the colonies and the mother country since 1763. Parliament enacted a series of measures to increase revenue from the colonies, such as the Stamp Act of 1765, Parliament believed that these acts were a legitimate means of having the colonies pay their fair share of the costs to keep them in the British Empire. Many colonists, however, had developed a different conception of the empire, the colonies were not directly represented in Parliament, and colonists argued that Parliament had no right to levy taxes upon them. This tax dispute was part of a divergence between British and American interpretations of the British Constitution and the extent of Parliaments authority in the colonies. In the colonies, however, the idea had developed that the British Constitution recognized certain fundamental rights that no government could violate, after the Townshend Acts, some essayists even began to question whether Parliament had any legitimate jurisdiction in the colonies at all
7.
Robert Morris (financier)
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From 1781 to 1784, he served as the powerful Superintendent of Finance, managing the economy of the fledgling United States. As the central civilian in the government, Morris was, next to General George Washington and his successful administration led to the sobriquet, Financier of the Revolution. At the same time he was Agent of Marine, a position he took without pay and he was one of Pennsylvanias original pair of US senators, serving from 1789 to 1795. After he left prison in 1801, he lived a quiet, Morris was born to Robert Morris, Sr. and Elizabeth Murphet in Liverpool, Lancashire, England, on January 20,1734. At the age of 13, Morris immigrated to Oxford, Maryland, to live with his father, as a youth, Morris was provided a tutor and was a quick learner. His father sent him to Philadelphia to study where he stayed with Charles Greenway, Greenway arranged for young Robert to become an apprentice at the shipping and banking firm of the Philadelphia merchant Charles Willing. A year later, Roberts father died after being wounded in an accident when hit by the wadding of a gun that was fired in his honor. When Charles Willing died in 1754, his son Thomas Willing made Morris his partner at the age 24 and they established the prominent shipping-banking firm of Willing, Morris & Co. on May 1,1757. The partnership lasted until about 1779, on March 2,1769, at age 35, Morris married 20-year-old Mary White. White was the daughter of a wealthy and prestigious Maryland landholder, together they had five sons and two daughters. White came from a prominent family in Maryland, her brother was the well-known Anglican Bishop William White, Morris worshiped in Philadelphia at St. Peters Church on Pine Street and Christ Church on 2nd Street, both of which were run by his brother-in-law, Bishop William White. Morris remained a constant worshipper and supporter at this Anglican Church for his entire life, both Morris and his brother-in-law William White are buried at Christ Church, Philadelphia in the churchyard located at Second and Market. In 1757 Morris became a partner with Thomas Willing. Their partnership was a merchant firm with interests in shipping, real estate, the partnership was forged just after the Seven Years War began, which hindered attracting the usual supply of new indentured servants to the colony. Potential immigrants were conscripted in England to fight in Europe, indentured servants could legally break their contracts to join the British forces to fight against the French and their Indian allies. At the same time, the British Crown wanted to encourage the trade which was profitable for the Kings political allies in the African Company of Merchants. While Morris was a partner and Willing was pursuing a political career. Willing, Morris & Co funded its own slave-trading voyage, the ship did not carry enough to be profitable and, during a second trip, was captured by French privateers
8.
United States Mint
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The United States Mint produces circulating coinage for the United States to conduct its trade and commerce, as well as controlling the movement of bullion. It does not produce paper money, the Mint was created in Philadelphia in 1792, and soon joined by other centres, whose coins were identified by their own mint marks. There are currently four active coin-producing mints, Philadelphia, Denver, San Francisco, the Mint was created by Congress with the Coinage Act of 1792, and originally placed within the Department of State. Per the terms of the Coinage Act, the first Mint building was in Philadelphia, then the capital of the United States, today, the Mints headquarters are in Washington D. C. It operates mint facilities in Philadelphia, Denver, San Francisco, and West Point, New York and a bullion depository at Fort Knox, Kentucky. Official Mints were once located in Carson City, Nevada, Charlotte, North Carolina, Dahlonega, Georgia, New Orleans, Louisiana, Washington, D. C. and even in Manila. Originally part of the State Department, the Mint was made an independent agency in 1799 and it converted precious metals into standard coin for anyones account with no seigniorage charge beyond the refining costs. Under the Coinage Act of 1873, the Mint became part of the Department of the Treasury and it was placed under the auspices of the Treasurer of the United States in 1981. Legal tender coins of today are minted solely for the Treasurys account, the first Director of the United States Mint was renowned scientist David Rittenhouse from 1792 to 1795. The position was held most recently by Edmund C, moy until his resignation effective January 9,2011. Henry Voigt was the first Superintendent and Chief Coiner, and is credited with some of the first U. S. coin designs. Another important position at the Mint is that of Chief Engraver, the Mint has operated several branch facilities throughout the United States since the Philadelphia Mint opened in 1792, in a building known as Ye Olde Mint. With the opening of branch mints came the need for mint marks, the first of these branch mints were the Charlotte, North Carolina, Dahlonega, Georgia, and New Orleans, Louisiana branches. Both the Charlotte and Dahlonega Mints were opened to facilitate the conversion of gold deposits into coinage. The Civil War closed both these facilities permanently, the New Orleans Mint closed at the beginning of the Civil War and did not re-open until the end of Reconstruction in 1879. During its two stints as a facility, it produced both gold and silver coinage in eleven different denominations, though only ten denominations were ever minted there at one time. A new branch facility was opened in Carson City, Nevada, in 1870, it operated until 1893, like the Charlotte and Dahlonega branches, the Carson City Mint was opened to take advantage of local precious metal deposits, in this case, a large vein of silver. Though gold coins were produced there, no base metal coins were
9.
Philadelphia
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In 1682, William Penn, an English Quaker, founded the city to serve as capital of the Pennsylvania Colony. Philadelphia was one of the capitals in the Revolutionary War. In the 19th century, Philadelphia became an industrial center. It became a destination for African-Americans in the Great Migration. The areas many universities and colleges make Philadelphia a top international study destination, as the city has evolved into an educational, with a gross domestic product of $388 billion, Philadelphia ranks ninth among world cities and fourth in the nation. Philadelphia is the center of activity in Pennsylvania and is home to seven Fortune 1000 companies. The Philadelphia skyline is growing, with a market of almost 81,900 commercial properties in 2016 including several prominent skyscrapers. The city is known for its arts, culture, and rich history, Philadelphia has more outdoor sculptures and murals than any other American city. Fairmount Park, when combined with the adjacent Wissahickon Valley Park in the watershed, is one of the largest contiguous urban park areas in the United States. The 67 National Historic Landmarks in the city helped account for the $10 billion generated by tourism, Philadelphia is the only World Heritage City in the United States. Before Europeans arrived, the Philadelphia area was home to the Lenape Indians in the village of Shackamaxon, the Lenape are a Native American tribe and First Nations band government. They are also called Delaware Indians and their territory was along the Delaware River watershed, western Long Island. Most Lenape were pushed out of their Delaware homeland during the 18th century by expanding European colonies, Lenape communities were weakened by newly introduced diseases, mainly smallpox, and violent conflict with Europeans. Iroquois people occasionally fought the Lenape, surviving Lenape moved west into the upper Ohio River basin. The American Revolutionary War and United States independence pushed them further west, in the 1860s, the United States government sent most Lenape remaining in the eastern United States to the Indian Territory under the Indian removal policy. In the 21st century, most Lenape now reside in the US state of Oklahoma, with communities living also in Wisconsin, Ontario. The Dutch considered the entire Delaware River valley to be part of their New Netherland colony, in 1638, Swedish settlers led by renegade Dutch established the colony of New Sweden at Fort Christina and quickly spread out in the valley. In 1644, New Sweden supported the Susquehannocks in their defeat of the English colony of Maryland
10.
Half dime
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The half dime, or half disme, was a silver coin, valued at five cents, formerly minted in the United States. Some numismatists consider the denomination to be the first coin minted by the United States Mint under the Coinage Act of 1792, with production beginning on or about July 1792. However, others consider the 1792 half dime to be nothing more than a coin, or test piece. These coins were smaller than dimes in diameter and thickness. The introduction of the copper-nickel five-cent pieces made the coins of the same denomination redundant. The following types of half dimes were produced by the United States Mint or under the authority of the Coinage Act of 1792, authorized by the Act of April 2,1792, it lasted until 1873. Until 1829 it showed no value anywhere on its obverse or reverse, the flowing hair half dime was designed by Robert Scot and this same design was also used for half dollar and dollar silver coins minted during the same period. The obverse bears a Liberty portrait similar to that appearing on the 1794 half cent and cent but without the liberty cap, mintage of the 1794 version was 7,765 while 78,660 of the 1795 version were produced. The obverse of the draped bust half dime was based on a sketch by artist Gilbert Stuart, with the dies engraved by Robert Scot, the primary 1796 variety bears fifteen stars representing the then number of states in the union. The reverse bears a wreath surrounding a small eagle perched on a cloud. 54,757 half dimes of this design were minted, following a two-year hiatus, mintage of half dimes resumed in 1800. The obverse remained essentially the same as the version. The eagle on the reverse now had outstretched wings, heraldic style and this reverse design first appeared on gold quarter and half eagles and then dimes and dollars in the 1790s. Mintage of the series never surpassed 40,000, with none produced in 1804, no denomination or mintmark appears on the coins, all were minted in Philadelphia. Production of half dimes resumed in 1829 based on a new design by Chief Engraver William Kneass, all coins were minted at Philadelphia and display no mintmark. The high circulating mintage in the series was in 1835, when 2,760,000 were struck, both Capped Bust and Liberty Seated half dimes were minted in 1837. These were the last silver half dimes produced, the design features Liberty seated on a rock and holding a shield and was first conceived in 1835 used first on the silver dollar patterns of 1836. The series is divided into several subtypes, the first was struck at Philadelphia in 1837 and New Orleans in 1838 and lacks stars on the obverse
11.
Half eagle
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The Half Eagle is a United States coin that was produced for circulation from 1795 to 1929 and in commemorative and bullion coins since the 1980s. Composed almost entirely of gold, it has a value of five dollars. Its production was authorized by The Act of April 2,1792, the design and composition of the half eagle changed many times over the years, but it was originally designed by Robert Scot. At this time the coin contained.9167 gold and.0833 copper and silver and it had a diameter of approximately 25 mm, a weight of 8.75 grams, and a reeded edge. The obverse design, or Turban Head, depicted a portrait of Liberty facing to the right. The reverse depicted a small eagle and this type was produced from 1795 to 1798. Simultaneously, another type was minted that depicted a larger heraldic eagle on the reverse with the inscription E PLURIBUS UNUM and this type was produced through 1807. From 1807 to 1812, a new designed by John Reich was produced, the Draped Bust, featuring a round-capped Liberty facing left on the obverse. For the first time, the value 5 D. was placed on the reverse of the coin to indicate its value, in 1813 a modified version of the Draped Bust was introduced, removing much of the bustline and giving Liberty an overall larger appearance. This design which would last through 1834, another modification occurred in 1829 when the diameter of the coin was reduced slightly to 23.8 mm, although the overall design remained unchanged. By 1834, the gold in the eagle had been worth more than its face value for several years. The Act of June 28,1834 called for a reduction in the gold used. The weight of the coin was reduced to 8.36 grams, the reduced to 22.5 mm. A new obverse, the Classic Head, was created by William Kneass for the altered coin, the reverse still depicted the modified eagle introduced in 1813, but E PLURIBUS UNUM was removed to distinguish further the new composition. In 1837, the content of this type was increased to.900 in accordance with the Act of January 18,1837. In 1839 the coin was redesigned again, the new obverse was designed by Christian Gobrecht and is known as the Liberty Head or Coronet head. The reverse design remained largely the same, although the value was changed from 5 D. to Five D, for those struck at the Philidephia Mint, there was no longer any silver in the coin, its composition was now.900 gold and.100 copper. However, gold ore used at the branch mints of Charlotte and Dahlonega had a high natural silver content
12.
United States dollar
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The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean, the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while the country mints its own coins, or also accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and these coins are both designated in Section 5112 as legal tender in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, the pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the Statements are currently being expressed in U. S. dollars, the U. S. dollar may therefore be described as the unit of account of the United States. The word dollar is one of the words in the first paragraph of Section 9 of Article I of the Constitution, there, dollars is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act, Section 20 of the act provided, That the money of account of the United States shall be expressed in dollars, or units. And that all accounts in the offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. In other words, this act designated the United States dollar as the unit of currency of the United States, unlike the Spanish milled dollar the U. S. dollar is based upon a decimal system of values. Both one-dollar coins and notes are produced today, although the form is significantly more common
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