The Indian Coinage (Amendment) Act, 1974 repealed the sections dealing with Silver coins and Standard Weight and fineness. The Central government shall also put an end to mint whether subsisting or yet to be constituted. The Act empowers the Central government to constitute by notification in the Gazette of India, mint at such places where mint does not subsist during the commencement of the Act. The term deface includes clipping, organizing, stamping or any other modification of the surface or figure of coins in a manner noticeable from the result of reasonable wear. The Act also explains the meaning of standard weight which means the approved weight for every coin. The Act defines Mint as the existing mints and the mints yet to be created. ![]() This redundancy in the nation’s silver supply lasted until 1862, when the government finally suspended specie payments, and coins once again disappeared from circulation.The Coinage Act was enacted on Mawith an objective to consolidate and modify the legal principles dealing with Coinage and Mint. The situation became so serious that Treasury Secretary Guthrie temporarily suspended the coinage of quarter and half dollars, but he never investigated the Mint policy responsible for the oversupply. Some businesses that received large amounts of change were forced to sell their surplus to a broker at a discount. Soon, retail stores refused silver coins except for small payments, and even banks declined to accept them for deposits. As the Mint Act did not allow for redemption of the coins and there was no possibility of exporting them as there was with the heavier, old tenor coins, oversupply was inevitable-and it came quickly. Under other circumstances this policy might not have presented any particular problems, but the coins authorized by the Mint Act of 1853 were only legal tender in amounts up to $5. This situation virtually guaranteed that there would soon be too many silver coins in circulation. Even after the market price of silver bullion had fallen, the Mint continued this practice, and by setting no limits on the amount of bullion the Mint would purchase, Snowden was able to effectively allow for the free coinage of silver, a practice Congress wished to discontinue in 1853. What Mint Director James Ross Snowden did, however, was to pay bullion owners with the new silver coins. The Mint Act of 1853 specifically required Mint officials to purchase silver bullion from the Mint’s bullion fund and then sell the new coins to the public for gold coins only. But coinage had gone well beyond meeting the nation’s needs at the time-the result of mal-administration of the law itself. By early 1854 the coin shortage had ended, and more than a million dollars worth of silver coins were stored in the vaults of the Mint. history, there was an adequate supply of U.S. The rays were removed from the half dollar and quarter at the end of production in 1853, but the arrows lingered on the four denominations for two more years.Ĭongress’ plan evidently worked: For the first time in U.S. Dies with the rays also failed much more quickly that the older design, requiring endless preparation of more replacements. Unfortunately, the rays complicated the die makers’ work and slowed die production to an unacceptable degree. ![]() ![]() It was decided to hand punch arrowheads on either side of the date and add a “glory” of rays on the reverse dies of the quarter and half dollar. ![]() But the press of time would not allow for any drastic redesigning. Officials agreed that the new, lower-weight coins should have some distinctive design or mark that would enable the general populace to easily distinguish them from the earlier Gobrecht-Hughes designed Seated Liberty coinage that contained a greater amount of silver. As Congress was strongly divided on the entire question, it’s probable the dollar remained as it was as a sign of the nation’s continued allegiance to bimetallism. (The three-cent piece was already a subsidiary coin and was not being melted.) Curiously, retaining the old standard in the silver dollar would seem to be at odds with the intention of the legislation. 21, 1853, considered a temporary measure until the value of silver stabilized, lowered the weight (and thus the silver content) of all the silver coins but the dollar and three-cent piece by approximately 7 percent. Ultimately, the necessity to do something about the problem forced Congress’ hand. Silver Coins: When They Ended and What They’re Worth Should I get my coin collection appraised?.
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