On This Day
·

US Congress passes the Coinage Act of 1873, abolishing bimetallism and placing the country on the gold standard

The Coinage Act of 1873 or Mint Act of 1873 was a general revision of laws relating to the Mint of the United States.

The Coinage Act of 1873 or Mint Act of 1873 was a general revision of laws relating to the Mint of the United States. By ending the right of holders of silver bullion to have it coined into standard silver dollars, while allowing holders of gold to continue to have their bullion made into money, the act created a gold standard by default. It also authorized a Trade dollar, with limited legal tender, intended for export, mainly to Asia, and abolished three small-denomination coins. The act led to controversial results and was denounced by critics as the "Crime of '73".

By 1869, the Mint Act of 1837, enacted before the California gold rush or the American Civil War affected the monetary system of the United States, was deemed outdated.

Historical Significance

The Coinage Act of 1873 or Mint Act of 1873 was a general revision of laws relating to the Mint of the United States.

Events Before

  1. The Moerdijk railway bridge over Hollands Diep in South Holland opens, becoming the longest bridge in Europe at that tim

    The Moerdijk railway bridge over Hollands Diep in South Holland opens, becoming the longest bridge in Europe at that time

  2. Yohannes IV is crowned Emperor of Ethiopia in Axum, the first imperial coronation in Axum in over 200 years

    Yohannes IV is crowned Emperor of Ethiopia in Axum, the first imperial coronation in Axum in over 200 years

  3. German physicist and X-ray pioneer Wilhelm Röntgen (26) weds Anna Bertha Ludwig in Apeldoorn, Netherlands, until her dea

    German physicist and X-ray pioneer Wilhelm Röntgen (26) weds Anna Bertha Ludwig in Apeldoorn, Netherlands, until her death in1919

  4. New York's Metropolitan Museum of Art opens

    The Metropolitan Museum of Art, colloquially referred to as the Met, is an encyclopedic art museum in New York City.

  5. Yellowstone becomes the world's first national park

    Yellowstone National Park is a national park of the United States located in the northwest corner of the state of Wyoming, with small portions extending into Montana and Idaho.

Events After

  1. New York City annexes the West Bronx

    The boroughs of New York City are the five major governmental districts that compose New York City. They are the Bronx, Brooklyn, Manhattan, Queens, and Staten Island.

  2. Ulysses S. Grant's daughter Nellie marries in the White House

    Ellen Wrenshall Grant (July 4, 1855 – August 30, 1922) was the third child and only daughter of U.S. President Ulysses S. Grant and First Lady Julia Grant.

  3. Johann Strauss Jr's opera "Die Fledermaus" premieres in Vienna

    Johann Strauss Jr's opera "Die Fledermaus" premieres in Vienna

  4. First Impressionist art exhibition opens in Paris, features Claude Monet, Edgar Degas, Pierre-Auguste Renoir, Camille Pi

    First Impressionist art exhibition opens in Paris, features Claude Monet, Edgar Degas, Pierre-Auguste Renoir, Camille Pissarro and Berthe Morisot

  5. Game of lawn tennis is introduced by Welsh Major Walter Clopton Wingfield, who introduces a rubber ball to bounce on gra

    Game of lawn tennis is introduced by Welsh Major Walter Clopton Wingfield, who introduces a rubber ball to bounce on grass

More from the 1870s

Belgium disbands its salt tax

Belgium disbands its salt tax

The Moerdijk railway bridge over Hollands Diep in South Holland opens, becoming the longest bridge in Europe at that tim

The Moerdijk railway bridge over Hollands Diep in South Holland opens, becoming the longest bridge in Europe at that time

Japan adopts the Gregorian calendar

Japanese calendar types have included a range of official and unofficial systems. At present, Japan uses the Gregorian calendar together with year designations stating the year of the reign of the…

New York City annexes the West Bronx

The boroughs of New York City are the five major governmental districts that compose New York City. They are the Bronx, Brooklyn, Manhattan, Queens, and Staten Island.

Frequently Asked Questions

What happened on February 12, 1873?
The Coinage Act of 1873 or Mint Act of 1873 was a general revision of laws relating to the Mint of the United States. By ending the right of holders of silver bullion to have it coined into standard silver dollars, while allowing holders of gold to continue to have their bullion made into money, the act created a gold standard by default. It also authorized a Trade dollar, with limited legal tender, intended for export, mainly to Asia, and abolished three small-denomination coins.
Why is US Congress passes the Coinage Act of 1873, abolishing bimetallism and placin... significant?
The Coinage Act of 1873 or Mint Act of 1873 was a general revision of laws relating to the Mint of the United States.

Explore More

February 12 in HistoryYear 1873