Silver coinage, whether of a circulating or of a commemorative nature. No longer had any valid function the nation did not produce gold or Longer silver coins to review when their production was discontinued.īy the time that the Assay Commission was abolished in the CarterĪdministration as part of the President's re-organization project, it That practiceĬontinued for more than a century, though after 1970 there were no Invited to participate, and when the Coinage Act of 1873 was passed, itĬodified that the President had the authority to appoint members of theĪssay Commission from the general public at large. Starting about 140 years ago, some members of the general public were Thomas Jefferson, James Madison, James Monroe and Alexander Hamilton. Necessary purity, the proper weight, and necessarily, value.Īmong the earliest members of the Assay Commission, statutorily, were Nation's coins on an annual basis and certify to the President,Ĭongress, and the American people that gold and silver coins had the Originally authorized as part of the nation's first Mint Act of AprilĢ, 1792, the purpose of the Assay Commission was to examine the Government and brought in individuals to maintain oversight over a Time, it was the oldest continually operating committee in the federal
Uninterrupted until 1980 when it was finally abolished. The Assay Commission was established in 1792, and operated Speaker, I rise today to announce my introduction ofĪ House Resolution designed to re-authorize the creation of the United Government Publishing Office, INTRODUCTION OF A HOUSE RESOLUTION TO RESTORE THE UNITED STATES ASSAY
Even still, some foreign coin lasted for decades longer in the rural interior.Congressional Record (Bound Edition), Volume 146 (2000), Part 2 - INTRODUCTION OF A HOUSE RESOLUTION TO RESTORE THE UNITED STATES ASSAY COMMISSION There also was the ever-present issue of the non-decimal system used in foreign coin, making prices subject to fractions of a cent and therefore payments were inconvenient. The newly minted American silver made much of the foreign silver obsolete in the eyes of some. Due to insatiable demand early on for the new federal cents and the profits to be made by collecting the foreign silver, many individuals, along with banks, competed with each other. For decades, those who had accepted any form of payment as long as it was made of specie began to immediately only tolerate those newly minted with a fresh seal from the US government. The act drastically altered American business. This was the first major step towards the government essentially having a monopoly over the money supply. The effective aim was to limit the domestic money supply by crushing European competition. It also mandated that this new copper/nickel alloy be received as payment for the worn gold and silver coins turned in at the mint. It fixed the weight and measure of US one-cent pieces at 4.655 grams, which was composed of 88% copper and 12% nickel. The Coinage Act of 1857 repealed prior legal tender laws concerning foreign specie. By the late 1840s and early 1850s, the US mint had finally been able to match demand for foreign coin. This new development ended up making it difficult for the US to retain its overvalued worn Spanish silver in the 1840s. President Andrew Jackson supported foreign coin as legal tender in his famous war with the Bank of the US in the Gold Bill. By 1830, about 25% of all circulating coins were milled of Spanish origin. This clause was renewed several times after being first specifically spelled out on April 10, 1806.
Coinage act of 1792 full#
Alexander Hamilton had proposed that foreign coin (of which he specially based the dollar) circulate freely for a period of three years until the new mint in Philadelphia was running at full capacity in order to have a smooth transition. In the newly created union after the Revolutionary War and up until 1792 and the establishment of the US mint, the sole medium of exchange in terms of specie was foreign coin. The large cent was discontinued and regular coinage of the Flying Eagle cent began. Furthermore, the penny was reduced in size. The Coinage Act of 1857 also discontinued the half cent. Before the Act, foreign coins, such as the Spanish dollar, were widely used and allowed as legal tender by the Act of April 10, 1806.
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