Coinage Act of 1857
In the newly created union after the Revolutionary War and up until 1792 and the establishment of the United States Mint, the sole medium of exchange in terms of specie was foreign coin.Alexander Hamilton had proposed that foreign coin (of which he specially based the dollar) circulate freely for a period of three years until the new mint in Philadelphia was running at full capacity in order to have a smooth transition.[4] President Andrew Jackson supported foreign coin as legal tender in his famous war with the Bank of the US in the Gold Bill.For decades, those who had accepted any form of payment as long as it was made of specie began to immediately only tolerate those newly minted with a fresh seal from the US government.Due to insatiable demand early on for the new federal cents and the profits to be made by collecting the foreign silver, many individuals, along with banks, competed with each other.
United States Congresslegal tenderTreasurySpanish dollarhalf cent.large centFlying Eagle centRevolutionary WarUnited States Mintmedium of exchangeAlexander HamiltonPhiladelphiaPresidentAndrew Jacksonwar with the Bank of the USUS mintcoppernickelmoney supplymonopolyCoinage Act of 1792Coinage Act of 1834Coinage Act of 1849Coinage Act of 1853Coinage Act of 1864Coinage Act of 1873Coinage Act of 1965Murray N. RothbardLibrary of CongressAmerican MemoryMonetary policycentral banking in the United Statespre–1913Monetary policy of the United StatesCommercial RevolutionBills of creditTobacco Inspection ActMaryland Tobacco Inspection Act of 1747Currency Acts1st Industrial RevolutionSecond Continental CongressU.S. dollar banknotesContinental currency banknotesBank of PennsylvaniaU.S. Finance SuperintendentBank of North AmericaArticle I of the U.S. ConstitutionU.S. Treasury DepartmentU.S. Treasury SecretaryU.S. Treasury securityFirst Bank of the United StatesU.S. dollar coinsHalf dime1792 half dismeHalf centTreasury NoteBanking in the Jacksonian EraSecond Bank of the United StatesSuffolk BankMcCulloch v. MarylandNew York Safety Fund SystemBank WarCivil War EraFree bankingWildcat bankingForstall SystemIndependent U.S. TreasuryThree-cent silverNew York Clearing House AssociationDemand NoteLegal Tender Act of 1862United States NoteFractional currencyNational Bank ActsInterest bearing noteNational banks systemNational Bank NoteGold certificateCompound interest treasury noteTwo-cent pieceThree-cent nickelContraction Act of 1866Public Credit Act of 18692nd Industrial RevolutionLegal Tender CasesHepburn v. GriswoldCurrency Act of 1870National Gold Bank NoteKnox v. LeeFree silverSpecie Payment Resumption ActTwenty-cent pieceBland–Allison ActSilver certificateRefunding CertificateJuilliard v. GreenmanSherman Silver Purchase ActGold Standard ActAldrich–Vreeland ActNational Monetary CommissionFederal Reserve Act