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The 1792
Coinage Act had an interesting provision under Section 19.
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.
____________ FULL TEXT OF THE
ACT ____________
Excerpts
from the Coinage Act of 1792
Act of 2 April 1792, 1 Statutes at Large 246 CHAPTER
XVI. – 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 Engarver, a Treasurer.
* * * * *
SECTION.
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 eights 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 eights of a grain of pure, or one hundred and
thirty five grains of standard gold.
QUARTER
EAGLES – each of be of the value of two dollars and a half dollar, and
to contain sixty-one grains and seven eights of a grain of pure, or sixtyseven grains and four eights 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
DOLLAR – 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.
DISMES
– 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 two sixteenth parts of a grain of standard silver.
HALF
DISMES – 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 a half penny-weight of copper.
SECTION
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
of half cent, as the case may require.
SECTION
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.
SECTION
12. And
be it 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.
SECTION
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.
SECTION
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 to 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 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 shall have been so made in coins.
* * * * *
SECTION
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 described, and those of less than full weight at values
proportional to their respective weights.
SECTION
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 endeavours 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.
SECTION
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, * * * every such officer or
person who shall be guilty of any * * * of the said offenses, shall be deemed
guilty of felony, and shall suffer death.
SECTION
20. And
be it further enacted, That the money of account of the United States shall
be expressed in dollars or units, dismes or tenths,
cents or hundredths, and milles or thousandths, a disme being the tenth part of a dollar, a cent the
hundredth part of a dollar, a mille 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.
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