Anonymous ID: 101023 Feb. 7, 2025, 7:27 p.m. No.22536528   🗄️.is 🔗kun

>>22536480

Coinage Act of 1792

The Coinage Act of 1792 (also known as the Mint Act; officially: An act establishing a mint, and regulating the Coins of the United States), passed by the United States Congress on April 2, 1792, created the United States dollar as the country's standard unit of money, established the United States Mint, and regulated the coinage of the United States.[1] This act established the silver dollar as the unit of money in the United States, declared it to be lawful tender, and created a decimal system for U.S. currency.[2]

 

By the Act, the Mint was to be situated at the seat of government of the United States. The five original officers of the U.S. Mint were a Director, an Assayer, a Chief Coiner, an Engraver, and a Treasurer (not the same as the Secretary of the Treasury). The Act allowed that one person could perform the functions of Chief Coiner and Engraver. The Assayer, Chief Coiner and Treasurer were required to post a $10,000 bond with the Secretary of the Treasury.

 

The Act pegged the newly created United States dollar to the value of the widely used Spanish silver dollar, saying it was to have "the value of a Spanish milled dollar as the same is now current".[3]

 

https://en.wikipedia.org/wiki/Coinage_Act_of_1792

Anonymous ID: 101023 Feb. 7, 2025, 7:31 p.m. No.22536554   🗄️.is 🔗kun   >>6577

>>22536488

The thing about gold and silver prices is, when the price goes up, it doesn't mean the gold or silver is worth more, it means that the paper you exchanged it for has gone DOWN in value compared to the gold or silver. When the dollar is strong, i.e. close to or equal to a paper dollar, the purchasing power of the paper dollar has gone up.

Anonymous ID: 101023 Feb. 7, 2025, 7:36 p.m. No.22536577   🗄️.is 🔗kun   >>6591

>>22536554

Wrote that kinda wrong.

 

An ounce of silver remains the same, what changes is what it takes to exchange it for something else. If the price of silver goes up, it really means that the purchasing power of the paper dollar has gone down. You need more paper dollars to buy the same oz of silver. When I was a kid you could buy all kinds of nickel candy with just one dollar.