This act discontinued the half-cent and reduced the size of the one-cent coin from 27mm (large cent) to the modern size of 19.05mm (small cent) that is still being used today. It required the Treasury to exchange foreign coins at a market rate set by Treasury. Coinage Act of 1857 Signed into law by President Franklin Pierce February 21, 1857, this act repealed the legal tender status for foreign coins in the United States. This act came largely because of the California Gold Rush. This act also refined the variances that were permissible for United States gold coinage. Polk as one of his last acts as president on March 3, 1849, it established the use of gold for a $1 coin and the $20 gold double eagle coin. Coinage Act of 1849 Signed into law by President James K. This was done to strengthen the financial system after the Panic of 1833 and stem the tide of paper currency in favor of “hard money.” President Andrew Jackson signed this bill into law on June 27, 1834. Coinage Act of 1834 This act changed the ratio of silver-to-gold weight from 15:1 that was established in the Coinage Act of 1792 to 16:1, setting the price of an ounce of gold to $20.67. Although there was no law regarding counterfeiting coins before this act, it was assumed that penalty was death because of the statements printed on colonial currency. Act of ApThis act establishes the penalty for counterfeiting coins to be between three and five years of hard labor. Act of ApThis act regulates the legal tender value of foreign coins used in the United States. It is the foundation for the creation of the money production in the United States. It made the United States one of the first countries to use a decimal system for currency and established legal tender laws. Coinage Act of 1792 The first coin-related law passed by congress and signed by President George Washington on April 2, 1792, establishes a mint, says that congress is the regulating authority of coins, and establishes the dollar as the unit of money. Here is a list of those laws that had a major impact. While some of it has been as mundane as changing the composition of coins or the approval of a commemorative coin, there are some that has had a significant impact on coin and currency production. There has been a lot of legislation passed by Congress that affects the coin and currency production in the United States.
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