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...
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...
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. ...
Gold and Silver are the most iconic symbols of wealth in human history. We have used them as coins, and we have used them to create the value behind money. Many regard them as pillars of fiscal value, even though they have not been the standards of global currency for...
Money has been on our minds since the first coins of Lydia. We make it, trade it, earn it, collect it and think about it. Society interacts with money: the great facilitator and persuader. We say it’s not everything, but it sure does have a lot to do with almost...
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