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The Coinage Act of 1792
(1 Stat. 246) Statute I. April 2, 1792
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| April 2, 1792 |
Chapter XVI--An Act establishing a Mint, and regulating the coins of the United
States.
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| Mint established at the seat of
government. |
Section
I. Be it enacted by the Senate and House of Representatives of the
United States of American in Congress assembled, and it is hereby
enacted and declared, That a mint for the purpose of a national coinage
be, and the same is established, to be situate and carried on at the
seat of the government of the United States, for the time being: And
that for the well conducting of the business of the said mint, there
shall be the following officers and persons, namely, —a Director, an
Assayer, a Chief Coiner, an Engraver, a Treasurer. |
| Director to employ workmen, etc. |
Section
2. And be it further enacted, That the Director of the mint shall
employ as many clerks, workmen and servants, as he shall from time to
time find necessary, subject to the approbation of the President of the
United States. |
| Duties of the officers.
Assayer
Chief Coiner
Engraver
Treasurer
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Section
3. And be it further enacted, That the respective functions and
duties of the officers above mentioned shall be as follows:
The Director of the mint shall have the chief management of the
business thereof, and shall superintend all other officers and
persons who shall be employed therein.
the Assayer shall receive and
give receipts for all metals which may lawfully be brought to the
mint to be coined; shall assay all such of them as may require it,
and shall deliver them to the Chief Coiner to be coined.
The Chief Coiner shall cause to be coined all metals which shall
be received by him for that purpose, according to such regulations
as shall be prescribed by this or any future law.
The Engraver shall sink and prepare the necessary dies for such
coinage, with the proper devices and inscriptions, but shall be
lawful for the functions and duties of Chief Coiner and engraver to
be preformed by one person.
The Treasurer shall receive from the Chief Coiner all the coins
which shall have been struck, and shall pay or deliver them to the
persons respectively to whom the same ought to be paid or delivered:
he shall moreover receive and safely keep all monies which shall be
for the use, maintenance and support of the mint, and shall disburse
the same upon warrants signed by the Director.
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| To take oath |
Section
4. And be it further enacted, That every officer and clerk of the
said mint shall, before he enters upon the execution of his office, take
an oath or affirmation before some judge of the United States faithfully
and diligently to perform the duties thereof. |
| And give bond. |
Section
5. And be it further enacted, That the said assayer, chief coiner
and treasurer, previously to entering upon the execution of their
respective offices, shall each become bound to the United States of
America, with one or more sureties to the satisfaction of the Secretary
of the Treasury, in the sum of ten thousand dollars, with condition for
the faithful and diligent performance of the duties of his office. |
| Salaries |
Section
6. And be it further enacted, That there shall be allowed and paid
as compensation for their respective services—
To the said director, a yearly salary of two thousand dollars,
to the said assayer, a yearly salary of one thousand five hundred
dollars,
to the said chief coiner, a yearly salary of one thousand five
hundred dollars,
to the said engraver, a yearly salary of one thousand two hundred
dollars,
to the said treasurer, a yearly salary of one thousand two hundred
dollars,
to each clerk who may be employed, a yearly salary not exceeding
five hundred dollars,
and to the several subordinate workmen and servants, such wages and allowances as are customary and reasonable,
according to their respective stations and occupations.
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| Accounts how and where to be
settled |
Section
7. And be it further enacted, That the accounts of the officers and
persons employed in and about the said mint and for services performed
in relation thereto, and all other accounts concerning the business and
administration thereof, shall be adjusted and settled in the treasury
department of the United States, and a quarter yearly account of the
receipts and disbursements of the said mint shall be rendered at the
said treasury for settlement according to such forms and regulations as
shall have been prescribed by the department; and that once in each year
a report of the transactions of the said mint, accompanied by an
abstract of the settlements which shall have been from time to time
made, duly certified by the comptroller
of the treasury, shall be laid before Congress for their
information. |
| President of U.S. to cause buildings
to be provided
Expenses how to be defrayed
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Section
8. And be it further enacted, That in addition to the authority
vested in the president of the United States by a resolution of the last
session, touching the engaging of artists and the procuring of apparatus
for the said mint, the President be authorized, and he is hereby
authorized to cause to be provided and put in proper condition such
buildings, and in such manner as shall appear to him requisite for the
purpose of carrying on the business of the said mint; and that as well
the expenses which shall have incurred pursuant to the said resolution
as those which may be incurred in providing and preparing the said
buildings, and all other expenses which may hereafter accrue for the
maintenance and support of the said mint, and in carrying on the
business thereof, over and above the sums which may be received by
reason of the rate per centum for coinage herein after mentioned, shall
be defrayed from the treasury of the United States, out of any monies
which from time to time shall be therein, not otherwise appropriated. |
| Species of the coins to be struck
Eagles
Half Eagles
Quarter Eagles
Dollars or Units
Half Dollars
Quarter Dollars
Dismes
Half Dismes
Cents
Half Cents
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Section
9. And be it further enacted, That there shall be from time to time
struck and coined at the said mint, coins of gold, silver, and copper,
of the following denominations, values and descriptions, viz.
Eagles—each to be of the value of ten dollars or units,
and to contain two hundred and forty-seven grains and four eighths
of a grain of pure, or two hundred and seventy grains of standard
gold.
Half Eagles—each to be of the value of five dollars, and
to contain one hundred and twenty-three grains and six eighths of a
grain of pure, or one hundred and thirty-five grains of standard
gold.
Quarter Eagles—each to be of the value of two dollars
and a half dollar, and to contain sixty-one grains and seven eighths
of a grain of pure, or sixty-seven grains and four eighths of a
grain of standard gold.
Dollars or Units—each to be of the
value of a Spanish milled dollar as the same is now current, and to
contain three hundred and seventy-one grains and four
sixteenth parts of a grain of pure, or four hundred and sixteen
grains of standard silver.
Half Dollars—each to be of half the value of the dollar
or unit, and to contain one hundred and eighty-five grains and ten
sixteenth parts of a grain of pure, or two hundred and eight grains
of standard silver.
Quarter Dollars—each to be of one fourth the value of the
dollar or unit, and to contain ninety-two grains and thirteen
sixteenth parts of a grain of pure, or one hundred and four grains
of standard silver.
Dismes—each to be of the value of one tenth of a dollar
or unit, and to contain thirty- seven grains and two sixteenth parts
of a grain of pure, or forty-one grains and three fifths parts of a
grain of standard silver.
Half Dismes—each to be of the value of one twentieth ofEagles -each
a dollar, and to contain eighteen grains and nine sixteenth parts of
a grain of pure, or twenty grains and four fifths parts of a grain
of standard silver.
Cents—each to be of the value of the one hundredth part
of a dollar, and to contain eleven penny-weights of copper.
Half Cents—each to be of the value of half a cent, and
to contain five penny-weights and a half a penny-weight of copper.
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| Of what devices |
Section
10. And be it further enacted, That, upon the said coins
respectively, there shall be the following devices and legends, namely:
Upon one side of each of the said coins there shall be an impression
emblematic of liberty, with an inscription of the word Liberty, and the
year of the coinage; and upon the reverse of each of the gold and silver
coins there shall be the figure or representation of an eagle, with this
inscription, “United States of America” and upon the reverse of each
of the copper coins, there shall be an inscription which shall express
the denomination of the piece, namely, cent or half cent, as the case
may require. |
| Proportional value of gold and silver |
Section
11. And be it further enacted, That the proportional value of gold
and silver in all coins which shall by law be current as money within
the United States, shall be fifteen to one, according to quantity
in weight, of pure gold or pure silver; that is to say, every fifteen
pounds weight of pure silver shall be of equal value in all payments,
with one pound weight of pure gold, and so in proportion as to any
greater or less quantities of the respective metals. |
| Standard for gold coins and how alloy
to be regulated
Director to report the practice of the mint touching the alloy of
gold coins
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Section
12. And be it further enacted, That the standard for all gold coins
of the United States shall be eleven parts fine to one part alloy; and
accordingly that eleven parts fine to one part alloy; and accordingly
that eleven parts in twelve of the entire weight of each of the said
coins shall consist of pure gold, and the remaining one twelfth part of
alloy; and the said alloy shall be composed of silver and copper, in
such proportions not exceeding one half silver as shall be found
convenient; to be regulated by the director of the mint, for the time
being, with the approbation of the President of the United States, until
further provision shall be made by law. And to the end that the
necessary information may be had in order to the making of such further
provision, it shall be the duty of the director of the mint, at the
expiration of a year commencing the operations of the said mint, to
report to Congress the practice thereof during the said year, touching
the composition of the alloy of the said gold coins, the reasons for
such practice, and the experiments and observations which shall have
been made concerning the effects of different proportions of silver and
copper in the said alloy. |
| Standard for silver coins--alloy
how to be regulated |
Section
13. And be it further enacted, That the standard for all silver
coins of the United States, shall be one thousand four hundred and
eighty-five parts fine to one hundred and seventy-nine parts alloy; and
accordingly that one thousand four hundred and eighty-five parts in one
thousand six hundred and sixty-four parts of the entire weight of each
of the said coins shall consist of pure silver, and the remaining one
hundred and seventy-nine parts of alloy; which alloy shall be wholly of
copper. |
| Persons may bring
gold and silver bullion to be coined free of expsnse;
how the director may exchange coins therfor, deducting
half percent.
Duty of the Secretary of the Treasury herein
The half percent to constitute a fund, etc.
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Section
14. And be it further enacted, that it shall be lawful for any
person or persons to bring to the said mint gold and silver bullion in
order to their being coined; and that the bullion so brought shall be
there assayed and coined as speedily as may be after the receipt
thereof, and free of expense to the person or persons by whom the same
shall have been brought. And as soon as the said bullion shall have been
coined, the person or persons by whom the same shall have been
delivered, shall upon demand receive in lieu thereof coins of the same
species of bullion which shall have been so delivered, weight for
weight, of the pure gold or pure silver therein contained: Provided
nevertheless, That it shall be at the mutual option of the party or
parties bringing such bullion, and of the director of said mint, to make
an immediate exchange of coins for standard bullion, with a deduction of
one half percent from the weight of the pure gold, or pure silver
contained in the said bullion, as an indemnification to the mint for the
time which will necessarily be required for coining the said bullion,
and for the advance which shall have been so made in coins. And it shall
be the duty of the Secretary of the Treasury to furnish the said mint
from time to time whenever the state of the treasury will admit thereof,
with such sums as may be necessary for effecting the said exchanges, to
be replaced as speedily as may be out of the coins which shall have been
made of the bullion for which the monies so furnished shall have been
exchanged; and the said deductions of one half percent. shall constitute
a fund towards defraying the expenses of the said mint. |
| Order of
delivering coins to persons bringing bullion and penalty on giving
preference. |
Section
15. And be it further enacted, That the bullion which shall be
brought as aforesaid to the mint to be coined, shall be coined, and the
equivalent thereof in coins rendered, if demanded, in the order in which
the said bullion shall have been brought or delivered, giving priority
according to priority of delivery only, and without preference to any
person or persons; and if any preference shall be given contrary to the
direction aforesaid, the officer by whom such undue preference shall be
given, shall in each case forfeit and pay one thousand dollars; to be
recovered with costs of suit. And to the end that it may be known it
such preference shall at any time be given, the assayer or officer to
whom the said bullion shall be delivered to be coined shall give to the
person or persons bringing the same, a memorandum in writing under his
hand denoting the weight, fineness and value thereof, together with the
day and order of its delivery into the mint. |
| Coins made a lawful
tender
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Section
16. And be it further enacted, That all the gold and silver coins
which shall have been struck at, and issued from the said mint, shall be
a lawful tender in all payments whatsoever, those of full weight
according to the respective values herein before declared, and those of
less than full weight at values proportional to their respective
weights. |
| and to be made
conformable to the standard weights, etc. |
Section
17. And be it further enacted, That it shall be the duty of the
respective officers of the said mint carefully and faithfully to use
their best endeavors that all the gold and silver coins which shall be
struck at the said mint shall be, as nearly as may be, conformable to
the several standards and weights aforesaid, and that the copper whereof
the cents and half cents aforesaid may be composed, shall be of good
quality. |
| The Treasurer to
reserve not less than three pieces of each coin to be assayed;
when and by whom.
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Section
18. And the better to secure a due conformity of the said gold and
silver coins to their respective standards, Be it further enacted, That
from every separate mass of standard gold or silver, which shall be made
into coins at the said mint, there shall be taken, set apart by the
treasurer and reserved in his custody a certain number of pieces, not
less -than three, and that once in every year the pieces so set apart
and reserved, shall be assayed under the inspection of the Chief Justice
of the United States, the Secretary and Comptroller
of the Treasury, the Secretary for the department of State, and the
Attorney General of the United States (who are hereby required to attend
for that purpose at the said mint, on the last Monday in July in each
year), or under the inspection of any three of them, in such manner as
they or a majority of them shall direct, and in the presence of the
director, assayer and chief coiner of the said mint; and if it shall be
found that the gold and silver so assayed shall not be inferior to their
respective standards herein before declared more than one part in one
hundred and forty-four parts. the officer or officers of the said mint
whom it may concern shall be held excusable; but if any greater
inferiority shall appear it shall be certified to the President of the
United States, and the said officer or officers shall he deemed
disqualified to hold their respective offices. |
| Penalty on
debasing the coins |
Section
19. And be it further enacted, That if any of the gold or silver
coins which shall be struck or coined at the said mint shall be debased
or made worse as to the proportion of the fine gold or fine silver
therein contained, or shall be of less weight or value than the same out
to be pursuant to the directions of this act, through the default or
with the connivance of any of the officers or persons who shall be
employed at the said mint, for the purpose of profit or gain, or
otherwise with a fraudulent intent, and if any of the said officers or
persons shall embezzle any of the metals which shall at any time be
committed to their charge for the purpose of being coined, or any of the
coins which shall be struck or coined at the said mint, every such
officer or person who shall commit any or either of the said offenses,
shall be deemed guilty of felony, and shall suffer death. |
| Money of account established to
be dollars, etc.
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Section
20. And be if further enacted, That the money of account of the
United States shall be expressed in dollars, or units, dimes or tenths,
cents or hundredths, and the milles or thousandths, a dime being the
tenth part of a dollar, a cent the hundredth part of a dollar, a mille
the thousandth part of a dollar, and that all accounts in the public
offices and all proceedings in the courts of the United States shall be
kept and had in conformity to this regulation. |
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