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Article: Bimetallism
- Article from:
- Dictionary of American History
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BIMETALLISM
BIMETALLISM.
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 (known as "specie"). Following the recommendations of Alexander Hamilton and Thomas Jefferson, the U.S. Congress passed the Coinage Act of 1792, in which a gold eagle ($10) gold piece of 247.50 grains, 100 percent fine, a silver dollar of 371.25 grains, and subsidiary silver coins including half-dollars, quarters, and dimes of proportional weight became the money standard for the new nation.
The American silver dollar circulated at face ("par") value in Latin America even though it weighed less than the Latin American dollar. ...