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1792 Coinage Act (The Mint Act)
Excerpt:
'And be it further enacted, That if any of the gold or silver coins
which shall be ... debased ... every such ... person who shall commit
... said offences, shall be deemed guilty of felony, and shall
suffer death.'
In 1791, Alexander Hamilton suggested the
establishment of a national currency. Congress enacted this legislation
following his recommendations the following year. It established gold and silver
as the monetary standards of the United States with the gold standard regulated
at 15 times the value of silver. The dollar was established as the basic
monetary unit, and the act also allowed for the creation of a national mint.
Coinage Act (1792)
From: United States Statutes at Large, 2nd Cong., Sess. I., p. 246-251
April 2, 1792
AN ACT
Establishing a Mint, and regulating the Coins of the United States.
Section 1. Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, and it is hereby enacted and
declared, That a mint for the purpose of a national coinage be, and the same is
established; to be situate and carried on at the seat of the government of the
United States, for the time being: And that for the well conducting of the
business of the said mint, there shall be the following officers and persons,
namely,--a Director, an Assayer, a Chief Coiner, an Engraver, a Treasurer.
Sec. 2. And be it further enacted, That the Director of the mint shall employ as
many clerks, workmen and servants, as he shall from time to time find necessary,
subject to the approbation of the President of the United States.
Sec. 3. And be it further enacted, That the respective functions and duties of
the officers above mentioned shall be as follow: The Director of the mint shall
have the chief management of the business thereof, and shall superintend all
other officers and persons who shall be employed therein. The Assayer shall
receive and give receipts for all metals which may lawfully be brought to the
mint to be coined; shall assay all such of them as may require it, and shall
deliver them to the Chief Coiner to be coined. The Chief Coiner shall cause to
be coined all metals which shall be received by him for that purpose, according
to such regulations as shall be prescribed by this or any future law. The
Engraver shall sink and prepare the necessary dies for such coinage, with the
proper devices and inscriptions, but it shall be lawful for the functions and
duties of Chief Coiner and Engraver to be performed by one person. The Treasurer
shall receive from the Chief Coiner all the coins which shall have been struck,
and shall pay or deliver them to the persons respectively to whom the same ought
to be paid or delivered: he shall moreover receive and safely keep all monies
which shall be for the use, maintenance and support of the mint, and shall
disburse the same upon warrants signed by the Director.
Sec. 4. And be it further enacted, That every officer and clerk of the said mint
shall, before he enters upon the execution of his office, take an oath or
affirmation before some judge of the United States faithfully and diligently to
perform the duties thereof.
Sec. 5. And be it further enacted , That the said assayer, chief coiner and
treasurer, previously to entering upon the execution of their respective
offices, shall each become bound to the United States of America, with one or
more sureties to the satisfaction of the Secretary of the Treasury, in the sum
of ten thousand dollars, with condition for the faithful and diligent
performance of the duties of his office.
Sec. 6. And be it further enacted, That there shall be allowed and paid as
compensations for their respective services--To the said director, a yearly
salary of two thousand dollars, to the said assayer, a yearly salary of one
thousand five hundred dollars, to the said chief coiner, a yearly salary of one
thousand five hundred dollars, to the said engraver, a yearly salary of one
thousand two hundred dollars, to the said treasurer, a yearly salary of one
thousand two hundred dollars, to each clerk who may be employed, a yearly salary
not exceeding five hundred dollars, and to the several subordinate workmen and
servants, such wages and allowances as are customary and reasonable, according
to their respective stations and occupations.
Sec. 7. And be it further enacted, That the accounts of the officers and persons
employed in and about the said mint and for services performed in relation
thereto, and all other accounts concerning the business and administration
thereof, shall be adjusted and settled in the treasury department of the United
States, and a quarter yearly account of the receipts and disbursements of the
said mint shall be rendered at the said treasury for settlement according to
such forms and regulations as shall have been prescribed by that department; and
that once in each year a report of the transactions of the said mint,
accompanied by an abstract of the settlements which shall have been from time to
time made, duly certified by the comptroller of the treasury, shall be laid
before Congress for their information.
Sec. 8. And be it further enacted, That in addition to the authority vested in
the President of the United States by a resolution of the last session, touching
the engaging of artists and the procuring of apparatus for the said mint, the
President be authorized, and he is hereby authorized to cause to be provided and
put in proper condition such buildings, and in such manner as shall appear to
him requisite for the purpose of carrying on the business of the said mint; and
that as well the expenses which shall have been incurred pursuant to the said
resolution as those which may be incurred in providing and preparing the said
buildings, and all other expenses which may hereafter accrue for the maintenance
and support of the said mint, and in carrying on the business thereof, over and
above the sums which may be received by reason of the rate per centum for
coinage herein after mentioned, shall be defrayed from the treasury of the
United States, out of any monies which from time to time shall be therein, not
otherwise appropriated.
Sec. 9. And be it further enacted, That there shall be from time to time struck
and coined at the said mint, coins of gold, silver, and copper, of the following
denominations, values and descriptions, viz. Eagles--each to be of the value of
ten dollars or units, and to contain two hundred and forty-seven grains and four
eighths of a grain of pure, or two hundred and seventy grains of standard gold.
Half Eagles--each to be of the value of five dollars, and to contain one hundred
and twenty-three grains and six eighths of a grain of pure, or one hundred and
thirty-five grains of standard gold. Quarter Eagles--each to be of the value of
two dollars and a half dollar, and to contain sixty-one grains and seven eighths
of a grain of pure, or sixty-seven grains and four eighths of a grain of
standard gold. Dollars or Units--each to be of the value of a Spanish milled
dollar as the same is now current, and to contain three hundred and seventy-one
grains and four sixteenth parts of a grain of pure, or four hundred and sixteen
grains of standard silver. Half Dollars--each to be of half the value of the
dollar or unit, and to contain one hundred and eighty-five grains and ten
sixteenth parts of a grain of pure, or two hundred and eight grains of standard
silver. Quarter Dollars--each to be of one fourth the value of the dollar or
unit, and to contain ninety-two grains and thirteen sixteenth parts of a grain
of pure, or one hundred and four grains of standard silver. Dimes--each to be of
the value of one tenth of a dollar or unit, and to contain thirty-seven grains
and two sixteenth parts of a grain of pure, or forty-one grains and three fifth
parts of a grain of standard silver. Half Dimes--each to be of the value of one
twentieth of a dollar, and to contain eighteen grains and nine sixteenth parts
of a grain of pure, or twenty grains and four fifth parts of a grain of standard
silver. Cents--each to be of the value of the one hundredth part of a dollar,
and to contain eleven penny-weights of copper. Half Cents--each to be of the
value of half a cent, and to contain five penny-weights and half a penny-weight
of copper.
Sec. 10. And be it further enacted, That, upon the said coins respectively,
there shall be the following devices and legends, namely: Upon one side of each
of the said coins there shall be an impression emblematic of liberty, with an
inscription of the word Liberty, and the year of the coinage; and upon the
reverse of each of the gold and silver coins there shall be the figure or
representation of an eagle, with this inscription, "United States of America"
and upon the reverse of each of the copper coins, there shall be an inscription
which shall express the denomination of the piece, namely, cent or half cent, as
the case may require.
Sec. 11. And be it further enacted, That the proportional value of gold to
silver in all coins which shall by law be current as money within the United
States, shall be as fifteen to one, according to quantity in weight, of pure
gold or pure silver; that is to say, every fifteen pounds weight of pure silver
shall be of equal value in all payments, with one pound weight of pure gold, and
so in proportion as to any greater or less quantities of the respective metals.
Sec. 12. And be if further enacted, That the standard for all gold coins of the
United States shall be eleven parts fine to one part alloy; and accordingly that
eleven parts in twelve of the entire weight of each of the said coins shall
consist of pure gold, and the remaining one twelfth part of alloy; and the said
alloy shall be composed of silver and copper, in such proportions not exceeding
one half silver as shall be found convenient; to be regulated by the director of
the mint, for the time being, with the approbation of the President of the
United States, until further provision shall be made by law. And to the end that
the necessary information may be had in order to the making of such further
provision, it shall be the duty of the director of the mint, at the expiration
of a year after commencing the operations of the said mint, to report to
Congress the practice thereof during the said year, touching the composition of
the alloy of the said gold coins, the reasons for such practice, and the
experiments and observations which shall have been made concerning the effects
of different proportions of silver and copper in the said alloy.
Sec. 13. And be it further enacted, That the standard for all silver coins of
the United States, shall be one thousand four hundred and eighty-five parts fine
to one hundred and seventy-nine parts alloy; and accordingly that one thousand
four hundred and eighty-five parts in one thousand six hundred and sixty-four
parts of the entire weight of each of the said coins shall consist of pure
silver, and the remaining one hundred and seventy-nine parts of alloy; which
alloy shall be wholly of copper.
Sec. 14. And be it further enacted, That it shall be lawful for any person or
persons to bring to the said mint gold and silver bullion, in order to their
being coined; and that the bullion so brought shall be there assayed and coined
as speedily as may be after the receipt thereof, and that free of expense of the
person or persons by whom the same shall have been brought. And as soon as the
said bullion shall have been coined, the person or persons by whom the same
shall have been delivered, shall upon demand receive in lieu thereof coins of
the same species of bullion which shall have been so delivered, weight for
weight, of the pure gold or pure silver therein contained: Provided
nevertheless, That it shall be at the mutual option of the party or parties
bringing such bullion, and of the director of the said mint, to make an
immediate exchange of coins for standard bullion, with a deduction of one half
per cent. from the weight of the pure gold, or pure silver contained in the said
bullion, as an indemnification to the mint for the time which will necessarily
be required for coining the said bullion, and for the advance which have been so
made in coins. And it shall be the duty of the Secretary of the Treasury to
furnish the said mint from time to time whenever the state of the treasury will
admit thereof, with such sums as may be necessary for effecting the said
exchanges, to be replaced as speedily as may be out of the coins which shall
have been made of the bullion for which the monies so furnished shall have been
exchanged; and the said deduction of one half per cent. shall constitute a fund
towards defraying the expenses of the said mint.
Sec. 15. And be it further enacted, That the bullion which shall be brought as
aforesaid to the mint to be coined, shall be coined, and the equivalent thereof
in coins rendered, if demanded, in the order in which the said bullion shall
have been brought or delivered, giving priority according to priority of
delivery only, and without preference to any person or persons; and if any
preference shall be given contrary to the direction aforesaid, the officer by
whom such undue preference shall be given, shall in each case forfeit and pay
one thousand dollars, to be recovered with costs of suit. And to the end that it
may be known if such preference shall at any time be given, the assayer or
officer to whom the said bullion shall be delivered to be coined, shall give to
the person or persons bringing the same, a memorandum in writing under his hand,
denoting the weight, fineness and value thereof, together with the day and order
of its delivery into the mint.
Sec. 16. And be it further enacted, That all the gold and silver coins which
shall have been struck at, and issued from the said mint, shall be a lawful
tender in all payments whatsoever, those of full weight according to the
respective values herein before declared, and those of less than full weight of
values proportional to their respective weights.
Sec. 17. And be it further enacted, That it shall be the duty of the respective
officers of the said mint, carefully and faithfully to use their best endeavors
that all the gold and silver coins which shall be struck at the said mint shall
be, as nearly as may be, conformable to the several standards and weights
aforesaid, and that the copper whereof the cents and half cents aforesaid may be
composed, shall be of good quality.
Sec. 18. And the better to secure a due conformity of the said gold and silver
coins to their respective standards. Be it further enacted, That from every
separate mass of standard gold or silver, which shall be made into coins at the
said mint, there shall be taken, set apart by the treasurer and reserved in his
custody a certain number of pieces, not less than three, and that once in every
year the pieces so set apart and reserved, shall be assayed under the inspection
of the Chief Justice of the United States, the Secretary and Comptroller of the
Treasury, the Secretary for the department of State, and the Attorney General of
the United States, (who are hereby required to attend for that purpose at the
said mint, on the last Monday in July in each year,) or under the inspection of
any three of them, in such manner as they or a majority of them shall direct,
and in the presence of the director, assayer and chief coiner of the said mint;
and if it shall be found that the gold and silver so assayed, shall not be
inferior to their respective standards herein before declared more than one part
in one hundred and forty-four parts, the officer or officers of the said mint
whom it may concern shall be held excusable; but if any greater inferiority
shall appear, it shall be certified to the President of the United States, and
the said officer or officers shall be deemed disqualified to hold their
respective offices.
Sec. 19. And be it further enacted, That if any of the gold or silver coins
which shall be struck or coined at the said mint shall be debased or made worse
as to the proportion of fine gold or fine silver therein contained, or shall be
of less weight or value than the same ought to be pursuant to the directions of
this act, through the default or with the connivance of any of the officers or
persons who shall be employed at the said mint, for the purpose of profit or
gain, or otherwise with a fraudulent intent, and if any of the said officers or
persons shall embezzle any of the metals which shall at any time be committed to
their charge for the purpose of being coined, or any of the coins which shall be
struck or coined at the said mint, every such officer or person who shall commit
any or either of the said offences, shall be deemed guilty of felony, and shall
suffer death.
Sec. 20. And be it further enacted, That the money of account of the United
States shall be expressed in dollars or units, dimes or tenth, cents or
hundredths, and miles or thousandths, a dime being the tenth part of a dollar, a
cent the hundredth part of a dollar, a mile the thousandth part of a dollar, and
that all accounts in the public offices and all proceedings in the courts of the
United States shall be kept and had in conformity to this regulation.
Approved, April 2, 1792.
Source: US Congress
"Coinage Act of 1792." United States Statutes at Large, 2nd Cong., Sess. I., p.
246-251
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