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Joshua D. Glawson: Coinage Act of 1792 knew better than we do today
By Joshua D. Glawson
Money Metals Exchange, Eagle, Idaho
Tuesday, April 1, 2025
Long before fiat currency, digital dollars, or cryptocurrency, America's Founders sought to anchor the young nation's economy in gold and silver -- that is, sound money.
In fact, on April 2, 1792 -- 233 years ago -- President George Washington signed legislation that established America's monetary system.
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Also known as the Mint Act and officially titled An Act Establishing a Mint and Regulating the Coins of the United States, the Coinage Act of 1792 is regarded as one of the most foundational laws in U.S. history.
Of the Founding Fathers, Thomas Jefferson, James Madison, John Adams, and Washington each advocated that gold and silver coins should be the money of the nation.
America's first treasury secretary and fellow Founding Father, Alexander Hamilton, advocated for a hard-metal standard and helped design the U.S. dollar based on the widely circulated Spanish milled dollar -- also known as the "Spanish real" or "pieces of eight."
Before authoring the Coinage Act, Hamilton warned in 1790, "To emit an unfunded paper as the sign of value, certainly has some advantages of a temporary nature, but it is calculated to produce great mischiefs in the long run."
It was this seminal sound-money law that established the United States Mint in Philadelphia, created a decimal currency system, defined U.S. coins by weight and metal, and authorized a gold and silver standard. It followed the intent of the Constitution itself. ...
... For the remainder of the commentary:
https://www.moneymetals.com/news/2025/04/01/the-coinage-act-of-1792-then-and-now-003952
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