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Coinage Act Of 1853
The Coinage Act of 185310 Stat. 160 was a piece of legislation passed by the United States Congress which lowered the silver content of the silver half dime, dime, quarter dollar, and half dollar, and authorized a three dollar gold piece. Although intending to stabilize the country's silver shortage, it, in effect, pushed the United States closer to abandoning bimetallism entirely and adopting the gold standard. Smaller silver denominations in the United States were disappearing as the bullion value of silver far exceeded the face value of U.S. silver coinage. In response, Congress debated a bill which would overvalue most forms of silver coinage and authorize the U.S. Mint to purchase bullion for the new coins. The legislation lowered the silver content of most silver coins by seven percent and was signed into law on February 21, 1853. The 1853 act increased the circulation of small coinage, ending the United States' silver shortage crisis, and provided an adequate supply of s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Millard Fillmore
Millard Fillmore (January 7, 1800March 8, 1874) was the 13th president of the United States, serving from 1850 to 1853; he was the last to be a member of the Whig Party while in the White House. A former member of the U.S. House of Representatives from Upstate New York, Fillmore was elected as the 12th vice president of the United States in 1848, and succeeded to the presidency in July 1850 upon the death of U.S. President Zachary Taylor. Fillmore was instrumental in the passing of the Compromise of 1850, a bargain that led to a brief truce in the battle over the expansion of slavery. He failed to win the Whig nomination for president in 1852 but gained the endorsement of the nativist Know Nothing Party four years later and finished third in the 1856 presidential election. Fillmore was born into poverty in the Finger Lakes area of New York State, and his parents were tenant farmers during his formative years. Though he had little formal schooling, he rose from poverty b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debase
A debasement of coinage is the practice of lowering the intrinsic value of coins, especially when used in connection with commodity money, such as gold or silver coins. A coin is said to be debased if the quantity of gold, silver, copper or nickel in the coin is reduced. Example In Roman currency, the value of the denarius was gradually decreased over time as the Roman government altered both the size and the silver content of the coin. Originally, the silver used was nearly pure, weighing about 4.5 grams. From time to time, this was reduced. During the Julio-Claudian dynasty, the denarius contained approximately 4 grams of silver, and then was reduced to 3.8 grams under Nero. The denarius continued to shrink in size and purity, until by the second half of the third century, it was only about 2% silver, and was replaced by the Argenteus. Effects Debasement lowers the intrinsic value of the coinage and so more coins can be made with the same quantity of precious metal. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coinage Act Of 1857
The Coinage Act of 1857 (Act of Feb. 21, 1857, Chap. 56, 34th Cong., Sess. III, 11 Stat. 163) was an act of the United States Congress which ended the status of foreign coins as legal tender, repealing all acts "authorizing the currency of foreign gold or silver coins". Specific coins would be exchanged at the Treasury and re-coined. The act is divided into seven sections. Background Before the Act, foreign coins, such as the Spanish dollar, were widely used Murray N. Rothbard"The Mystery of Banking"(pdf), p.10, 1983-11-28. and allowed as legal tender by the Act of April 10, 1806.Library of Congress"An Act regulating the currency of foreign coins in the United States" passed on April 10, 1806, referenced 2009-08-24. The Coinage Act of 1857 also discontinued the half cent. Furthermore, the penny was reduced in size. The large cent was discontinued and regular coinage of the Flying Eagle cent began. History In the newly created union after the Revolutionary War and up until 179 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coinage Act Of 1849
The Coinage Act of 1849 was an Act of the United States Congress passed during the California Gold Rush authorizing the Mint to produce two new gold coins in response to the increased gold supply: the small gold dollar and the large double eagle worth twenty dollars. The Act also defined permissible variances in gold coinage. Background Legislation House Bill No. 746 was introduced by James Iver McKay on January 25, 1849. On February 20, 1849, the bill was reported by the United States House Committee on Ways and Means and taken up by the House for debate. The bill passed the House the same day and moved to consideration in the Senate. On March 3, 1849, the bill was reported by the United States Senate Committee on Finance and taken up by the Senate for debate. The bill passed the Senate the same day with amendments and was sent back to the House for consideration. The House agreed to the amendments and the bill was signed into law by President James K. Polk. Effects Se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coinage Act Of 1792
The Coinage Act of 1792 (also known as the Mint Act; officially: ''An act establishing a mint, and regulating the Coins of the United States''), passed by the United States Congress on April 2, 1792, created the United States dollar as the country's standard unit of money, established the United States Mint, and regulated the coinage of the United States. This act established the silver dollar as the unit of money in the United States, declared it to be lawful tender, and created a decimal system for U.S. currency. By the Act, the Mint was to be situated at the seat of government of the United States. The five original officers of the U.S. Mint were a Director, an Assayer, a Chief Coiner, an Engraver, and a Treasurer (not the same as the Secretary of the Treasury). The Act allowed that one person could perform the functions of Chief Coiner and Engraver. The Assayer, Chief Coiner and Treasurer were required to post a $10,000 bond with the Secretary of the Treasury. The Act peg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
James Guthrie (Kentucky Politician)
James Guthrie (December 5, 1792 – March 13, 1869) was an American lawyer, plantation owner, railroad president and Democratic Party politician in Kentucky. He served as the 21st United States Secretary of the Treasury under President Franklin Pierce, and then became president of the Louisville and Nashville Railroad. After serving, part-time, in both houses of the Kentucky legislature as well as Louisville's City Council before the American Civil War (and failing to win his party's nomination in the Presidential election of 1860), Guthrie became one of Kentucky's United States Senators in 1865 (until resigning for health reasons in 1868 shortly before his death). Guthrie strongly opposed proposals for Kentucky to secede from the United States and attended the Peace Conference of 1861. Although he sided with the Union during the Civil War, he declined President Abraham Lincoln's offer to become the Secretary of War. As one of Kentucky's Senators after the war, Guthrie supporte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
James Ross Snowden
James Ross Snowden (December 9, 1809 – March 21, 1878 ) was an American politician from Pennsylvania who served as a Democratic member of the Pennsylvania House of Representatives representing Venango and Clarion counties from 1838 to 1843 and Venango, Jefferson and Clarion counties in 1844. He served as Speaker of the Pennsylvania House of Representatives in 1842 and again in 1844. He served as the Treasurer of Pennsylvania from 1845 to 1847, as treasurer of the United States Mint from 1847 to 1850 and as director of the Mint from 1853 to 1861. Early life and education Snowden was born December 9, 1809 in Chester, Pennsylvania to the Rev. Nathaniel Randolph Snowden and Sarah (Gustine). He was educated at Dickinson College, received a Master of Arts degree from Jefferson College in 1845 and an honorary doctor of law degree from Washington and Jefferson College in 1875. He studied law, settled in Franklin, Pennsylvania and joined the Venango County bar in 1828. Care ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coining (mint)
Minting, coining or coinage is the process of manufacturing coins using a kind of stamping, the process used in both hammered coinage and milled coinage. This "stamping" process is different from the method used in cast coinage. A coin die is one of the two metallic pieces that are used to strike a coin, one per each side of the coin. A die contains an inverse version of the image to be ''struck'' on the coin. ''Striking'' a coin refers to pressing an image into the blank metal disc, or planchet, and is a term descended from the days when the dies were struck with hammers to deform the metal into the image of the dies. Modern dies made out of hardened steel are capable of producing many hundreds of thousands of coins before they are retired and defaced. Ancient coin dies Prior to the modern era, coin dies were manufactured individually by hand by artisans known as engravers. In demanding times, such as the crisis of the Roman Empire in the 3rd century, dies were still used ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiat Money
Fiat money (from la, fiat, "let it be done") is a type of currency that is not backed by any commodity such as gold or silver. It is typically designated by the issuing government to be legal tender. Throughout history, fiat money was sometimes issued by local banks and other institutions. In modern times, fiat money is generally authorized by government regulation. Fiat money generally does not have intrinsic value and does not have use value. It has value only because the individuals who use it as a unit of account or, in the case of currency, a medium of exchange agree on its value. They trust that it will be accepted by merchants and other people. Fiat money is an alternative to commodity money, which is a currency that has intrinsic value because it contains, for example, a precious metal such as gold or silver which is embedded in the coin. Fiat also differs from representative money, which is money that has intrinsic value because it is backed by and can be converted in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cyrus L
Cyrus (Persian: کوروش) is a male given name. It is the given name of a number of Persian kings. Most notably it refers to Cyrus the Great ( BC). Cyrus is also the name of Cyrus I of Anshan ( BC), King of Persia and the grandfather of Cyrus the Great; and Cyrus the Younger (died 401 BC), brother to the Persian King Artaxerxes II of Persia. Etymology Cyrus, as a word in English, is the Latinized form of the Greek Κῦρος, ''Kȳros'', from Old Persian ''Kūruš''. According to the inscriptions the name is reflected in Elamite ''Kuraš'', Babylonian ''Ku(r)-raš/-ra-áš'' and Imperial Aramaic ''kwrš''. The modern Persian form of the name is '' Kūroš''. The etymology of Cyrus has been and continues to be a topic of discussion amongst historians, linguists, and scholars of Iranology. The Old Persian name "kuruš" has been interpreted in various forms such as "the Sun", "like Sun", "young", "hero," and "humiliator of the enemy in verbal contest" and the Elamite ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Andrew Johnson
Andrew Johnson (December 29, 1808July 31, 1875) was the 17th president of the United States, serving from 1865 to 1869. He assumed the presidency as he was vice president at the time of the assassination of Abraham Lincoln. Johnson was a Democrat who ran with Lincoln on the National Union ticket, coming to office as the Civil War concluded. He favored quick restoration of the seceded states to the Union without protection for the newly freed people who were formerly enslaved. This led to conflict with the Republican-dominated Congress, culminating in his impeachment by the House of Representatives in 1868. He was acquitted in the Senate by one vote. Johnson was born into poverty and never attended school. He was apprenticed as a tailor and worked in several frontier towns before settling in Greeneville, Tennessee. He served as alderman and mayor there before being elected to the Tennessee House of Representatives in 1835. After briefly serving in the Tennessee Senate, J ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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