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<p>[QUOTE=&quot;fatima, post: 1009653, member: 22143&quot;]Actually the Coinage Act of 1792, which established the US Mint and the US Treasurer, also defined the US dollar for the very first time.&nbsp;&nbsp; The dollar was simply defined as 371 4/16 grain of silver.&nbsp;&nbsp; (24.1g pure silver).&nbsp; In terms of minting higher denomination gold coins, gold&#039;s value was simply set to 15X that of an equivalent measure of silver, and thus a $2.50 gold 1/4 eagle had 4.01 g of gold.&nbsp;&nbsp; </p><p><br /></p><p>Interestingly, at the time, anyone who had some gold or silver could take it to the Mint and they would assay and coin it free of charge.[/QUOTE]</p><p><br /></p>

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