what is the history behind this aforementioned act of 1792?
On May 8, 1792, "An Act to Provide For a Copper Coinage" was signed into law by President George Washington.
Coinage Act of 1792
On May 8, 1792, "An Act to Provide For a Copper Coinage" was signed into law by President George Washington.
what is the coinage act of 1965? It eliminated silver from the circulating United States dime (ten-cent piece) and quarter dollar coins. what is the background behind creating this act? The Coinage Act of 1792 established the Mint of the United States, and made both gold and silver legal tender.
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Coinage Act of 1792 [SEP] History
Mint director David Rittenhouse laid the building's cornerstone on July 31. On May 8, 1792, "An Act to Provide For a Copper Coinage" was signed into law by President George Washington. It followed the precedent of the Fugio cent of 1787 in establishing the copper cent, from which descends today's one-cent piece. The Act also stipulated that "the director of the mint... be authorized to contract for and purchase a quantity of copper, not exceeding one hundred and fifty tons... to be coined at the mint into cents and half-cents... and be paid into the treasury of the United States, thence to issue into circulation." Furthermore, it said that "no copper coins or pieces whatsoever except the said cents and half-cents, shall pass current as money, or shall be paid, or offered to be paid or received in payment for any debt, demand, claims, matter or thing whatsoever."