The day the standard gold coin changed — American Eagle Gold Bullion Coin

Today, the American Eagle Gold Bullion Coin remembers when Congress changed the standard gold content in the coins struck by the US Mint.

The first act in 1792 defined the gold content for coins to be 91.67% pure gold with the rest as an alloy.

On June 28, 1834, Congress changed the pure gold content to 90%.

For today’s American Eagle Gold Bullion Coins, the US Mint returned to the standard of 91.67% pure gold.

From the Coinage Laws of the United States, 1792 to 1893, prepared under the direction of the Committee on Finance, U.S. Senate, published in 1893:

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Act of April 2, 1792.

Establishing a mint and regulating the coins of the United States.

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Sec. 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 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-fifth parts of a grain of standard silver. Half Dismes — each to be of the value of one-twentieth of a dollar, and to contain eighteen grains and nine-sixteenth parts of a grain of pure, or twenty grains and four-fifth 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 pennyweights of copper. Half Cents — each to be of the value of half a cent, and to contain five pennyweights and half a pennyweight of copper.

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Act of June 28, 1834.

Concerning gold coins of the United States, and for other purposes.

Be it enacted by the Senate and House of Representatives the United States of America, in Congress assembled, That the gold coins of the United States shall contain the following quantities of metal that is to say; each eagle shall contain two hundred and thirty two grains of pure gold, and two hundred and fifty-eight grains of standard gold; each half eagle one hundred and sixteen grains of pure gold, and one hundred and twenty nine grains of standard gold; each quarter eagle shall contain fifty-eight grains of pure gold, and sixty-four and a half grains of standard gold; every such eagle shall be of the value of ten dollars; every such half eagle shall be of the value of five dollars; and every such quarter eagle shall be of the value of two dollars and fifty cents; and the said gold coins shall be receivable in all payments when of full weight according to their respective values; and when of less than full weight, at less values, proportioned to their respective actual weights.

Sec. 2. And be it further enacted, That all standard gold or silver deposited for coinage after the thirty-first of July next, shall be paid for in coin under the direction of the Secretary of the Treasury, within five days from the making of such deposit, deducting from the amount of said deposit of gold and silver one half of one per centum; Provided, That no deduction shall be made unless said advance be required by such depositor within forty days.

Sec. 3. And be it further enacted, That all gold coins of the United States, minted anterior to the thirty-first day of July next, shall be receivable in all payments at the rate of ninety four and eight-tenths of a cent per pennyweight.

Sec. 4. Directs the setting apart of gold coins for assay as provided in the act of April 2, 1792, by the treasurer of the Mint, and makes a maximum limit of inferiority of standards to exceed which would result in disqualification of Mint officers to hold office; and further provides that if, in making any delivery of coin at the Mint in payment of a deposit, the weight thereof shall be found defective, the officer concerned shall be responsible to the owner for the full weight, if claimed at the time of delivery.

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Act of June 28, 1834.

Regulates the legal-tender value of certain foreign coins.

Be it enacted by the Senate and House of Representatives of the United States of America, in Congress assembled, That, from and after the thirty-first day of July next, the following gold coins shall pass as current as money within the United States, and be receivable in all payments, by weight, for the payment of all debts and demands, at the rates following, that is to say: the gold coins of Great Britain, Portugal, and Brazil, of not less than twenty-two carats fine, at the rate of ninety- four cents and eight-tenths of a cent per pennyweight; the gold coins of France nine-tenths fine, at the rate of ninety-three cents and one-tenth of a cent per pennyweight; and the gold coins of Spain, Mexico, and Colombia, of the fineness of twenty carats three grains and seven-sixteenths of a grain, at the rate of eighty-nine cents and nine-tenths of a cent per pennyweight.

Sec. 2. Directs the assay annually of the foregoing coins and report to Congress.

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The American Eagle Gold Bullion Coin shows with an image of the US Mint weighing gold, circa 1917.

American Eagle Gold Bullion Coin