![]() Platinum usually costs slightly… Resumption Act Of 1875, Passed by Congress in 1873, the Gold Resumption Act officially revoked the bimetallic standard that was adopted by the U.S. In 1791, most of the world's leading nations were on a bimetallic standard in which both gold and silver served as the basis for coinage… Precious Metals, Gold, silver, and platinum have historically been valued for their beauty and rarity. See also: Bank of the United States (First National Bank), Currency, Thomas Jefferson, Moneyīimetallism, BIMETALLISM. Silver and gold bullion (bars or ingots) are minted for sale to investors. Today gold and silver coinsĪre minted as commemorative issues for collectors. In 1933 the government took gold out of circulation the precious metals present in other coins was also reduced through later Congressional legislation. But in 1857 Congress approved a law removing foreign coins from circulation.įor many years the $10 gold eagle was the highest denomination of U.S. ![]() The federal government determined the exchange rate based on how much precious metal was present in foreign coins. coins circulated along with foreign coins in the states. The coinage was based on Thomas Jefferson's (1743 –1826) decimal system, which he had proposed when he was a member of the Continental Congress (1783 –85).įor decades after the Mint Act, U.S. The Mint Act authorized coins in three denominations -the copper cent (or penny), the silver dollar, and the gold eagle. Rittenhouse had been active in state politics and served as treasurer of Pennsylvania (1777 –89). Mint, an office he held from 1792 to 1795. Laws fixed the value of each metal in relation to the other.Īmerican inventor David Rittenhouse (1732 –96) was appointed the first director of the U.S. The Mint Act was the necessary follow-up to the Constitution's proclamation that the federal government alone would "coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures." The Congressional legislation made the dollar the basic unit of money and adopted the bimetallic standard, meaning that both gold and silver became legal tender (an official medium of payment) in the United States. Constitution (adopted in 1788) revoked that right, declaring the federal government the sole issuer of currency in the nation (metal or paper money). To ensure the stability of the monetary system, the U.S. The ineffectual Articles of Confederation (1781) had given each state the right to mint its own coins. Congress passed the Mint Act on April 2, 1792, to establish the country's first mint at Philadelphia, Pennsylvania. The following video will give you additional important facts, history and dates about the political events experienced by the 1st American President whose presidency spanned from Apto March 4, 1797.The U. The article on the US National Mint provides an overview of one of the Important institutions established during the presidency of George Washington. US National Mint for kids - President George Washington Video The use of the motto and the highly symbolic image of Liberty helped to establish the new, national identity of the United States. It was the motto proudly displayed on the US Great Seal and reflected the beliefs and values of the Founding Fathers. The motto "E Pluribus Unum" meaning 'Out of Many, One' was first used on US coinage in 1795. The representation of Liberty was often used during the War of Independence a quasi-mythical goddess based on the Roman goddess Libertas. A portrait of President Washington was first proposed for the obverse side which was the head or principal design of the coin, but the final version was an image of Liberty. The National US Mint was tasked with designing the new US coins which would help to establish the identity of the new nation. David Rittenhouse was a firm believer that coins were artwork and great thought and work was put into designing the first US coins produced by the US Mint. The first test coins were then given to the President as a gift. David Rittenhouse struck the first coins of the mint as a test, made from the Washington's silver cutlery. ![]() David Rittenhouse had been the Treasurer of Pennsylvania and was appointed to the post of Director on Apby George Washington. The First Director of the US Mint was a scientist and mathematician called David Rittenhouse (1732-1796). coin designs.ĭirector of the First US National Mint - David Rittenhouse Albion Cox was first Assayer for the US Mint and is credited with some of the first U.S. Henry Voigt (1738–1814) was the first Chief Coiner, and is credited with some of the first U.S. The job of the Assayer was to determine the quantity of gold, silver, or other metal in the coins. The original US National Mint had five officers who were the Director of the Mint, an Assayer, a Chief Coiner, an Engraver and a Treasurer.
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