After three years of postponements, innumerable revisions and committee conferences, the Mint Act of 1873 was finally passed on February 12, 1873. This same Mint Act was to be referred to in later years as the “Crime of `73”, because it was alleged to have been passed by a sleepy...
Following the controversies and fiscal problems resulting from of the Coinage Act of 1873, compensatory measures were taken by the Treasury and the US Mint to resume more normal issuance and circulation of US Currencies. Silver coins were made legal tender at their nominal value for any amount not exceeding...
Perhaps no 19th Century law relating to the coins and currency of the United States has been so widely discussed, or has borne more directly on the attitude and influence of political parties than the Coinage Act of 1873. This act grew out of a proposition to revise our coinage...
In 1782, Robert Morris, Superintendent of Finance, submitted to the Congress of the Confederation a plan for a national coinage and the foundation of an American mint, which met with endorsement. Jefferson suggested the decimal framework, with the dollar as the unit. Neither of these propositions was conveyed into effect...
For many centuries, humankind’s most stable form of currency has been precious metals. They offer a method of hedging against the many pitfalls that come with the ownership of fiat currencies or government-issued money. On the highly technological side, only 5 percent of people own Bitcoin, the most popular cryptocurrency, but that doesn’t...
The first American Colonists faced a problem: They didn’t have enough currency. At first, the Colonists bought far more from Britain than they sold to it, and pretty soon, the Colonists had no liquidity at all. So the Colonists fashioned their own. They used tobacco, rice or Native American wampum...
Counterfeiting is a real danger to numismatics and cryptocurrency alike. Both the rare coin and digital currency communities seek methods to combat the artificial manufacture and trade of the assets that make up their professions. It should come as no surprise that the numismatic community looks toward law enforcement cooperation...
Money has value, right? Right?!?! That is not necessarily the case. While we're busy not wondering about fiscal facts, they often seem to change, or vanish. The fear that numbers in a bank account mean nothing and have no correlation to items in the real world keeps us pretending. "I'll...
"What's your cow to bitcoin conversion rate?" Weird question, but if we replace bitcoin with gold coins, we are transported into the early questions posed at the advent of currency in early economic systems. "How do I know those pieces of shiny metal are worth a cow?" By putting ourselves...
The reasons for appreciating gold as an investment are numerous, and the need to account for its origins and distribution are growing. We appreciate gold's liquidity, its relative privacy and, of course, its rarity. Gold brings us a sense of stability as a commodity that retains its value. Whether we...
We've been looking at the correlations between early coins and cryptocurrency in the Coinage to Crypto Series. While most of the focus has been on linking the ideas behind early currency to digital currency, this article focuses on the concept of moving digital currency back into the original gold and silver standards. ...
What will we collect in a world of entirely digital currencies? Better yet, will we collect in a world of entirely digital currencies? The first answer is that numismatists will always collect the same things, which answers the second question: of course we will collect. Numismatists will always show our affinity for scarce coinage. ...
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