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The US Needs a Coin
Benjamin Franklin, John Adams and Thomas Jefferson are appointed by the Continental Congress to work on creating a device for the seal of the United States of America. The first of three committees assigned to the task which will take six more years and the contributions of 14 men to complete. -
Establishing a Mint
A Congressional committee recommends that a Mint be established. The Treasury Board is tasked to plan and regulate the Mint and its devices to be stamped on the coins. No follow-up action taken at this time. -
States and Coins
The Articles of Confederation give States the authority to strike their own coins. -
Treasury
The Continental Congress authorizes 3 Commissioners for the Board of Treasury -
Silver Dollar
The Grand Committee of the Continental Congress decides that the unit of American money will be the silver dollar, with all coins in a decimal ratio to each other. -
US Treasury
The Treasury Department is established. It is the second oldest department in the Federal Government. -
First Secretary of Tresasury
Alexander Hamilton of New York is nominated by President Washington and confirmed by the Senate as the first Secretary of the Treasury (1789-1795). He is the first of several Secretaries nominated and confirmed on the same day, and the first of seven foreign-born Secretaries of the Treasury. -
Washington vs States
Washington encourages Congress to develop a uniform currency for the nation. -
The Federal Mint
The Mint becomes an independent agency reporting directly to the President. -
Production Increased
The first steam press is put in place, increasing the speed of coin production. -
The Gold Standard
The Gold Standard Act fixes the value of the dollar against gold and the United States goes off the bimetallism standard. -
Gold Reserve Act
The Gold Reserve Act withdraws gold coins from circulation, provides for the devaluation of the dollar's gold content, and creates the Exchange Stabilization Fund -
The Nickle
Thomas Jefferson's portrait appears on the nickel. -
Gold Citizen Ownership
President Ford lifts the 40-year ban, enacted in 1933, on gold ownership by U.S. citizens. -
$1 Coins
Presidential $1 Coin Act of 2005 (Public Law 109-145) authorized the "Redesign and Issuance of Circulating $1 Coins Honoring Each of the Presidents of the United States" (Section 102, amending U.S. Code Title 31, Section 5112). The law also authorized gold coins honoring the First Spouses.