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Flying Eagle Cent was not legal tender?
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<p>[QUOTE="bradgator2, post: 4296483, member: 110679"]Lots of confusing info out there. </p><p><br /></p><p>Apmex's write up on the flying cent has this:</p><p>An interesting note: at that time, Gold and Silver were the only metals accepted as official legal tender, so there was a great deal of opposition to the establishment of a penny coin.</p><p><br /></p><p>Then I read:</p><p>In addition to demonetizing foreign coins, the Coinage Act of 1857 also discontinued the half cent. Furthermore, the penny was reduced in size. The large cent was discontinued and regular coinage of the Flying Eagle cent began. The Act fixed the weight and measure of US one-cent pieces at 4.655 grams, which was composed of 88% copper and 12% nickel. It also mandated that this new copper/nickel alloy be received as payment for the worn gold and silver coins turned in at the mint. The effective aim was to limit the domestic money supply by crushing European competition. This was the first major step towards the government essentially having a monopoly over the money supply.</p><p><br /></p><p>The Coinage Act of 1857 significantly altered the way American business was conducted. Since the beginning of the Colonies, businesses accepted any form of payment as long as it was made of specie. Following this Act of 1857, American business no longer accepted foreign coins and only US coins were accepted. Throughout this period, there was fierce competition among foreign exchange dealers in the United States. The ability of the US Mint to finally produce enough coinage made much of the foreign silver coinage obsolete.</p><p><a href="https://www.armstrongeconomics.com/history/americas-economic-history/the-monetary-reform-of-1857-ends-legal-tender-foreign-coins/" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://www.armstrongeconomics.com/history/americas-economic-history/the-monetary-reform-of-1857-ends-legal-tender-foreign-coins/" rel="nofollow">https://www.armstrongeconomics.com/history/americas-economic-history/the-monetary-reform-of-1857-ends-legal-tender-foreign-coins/</a></p><p><br /></p><p>The article mainly talks about the legal status of foreign coins... not our coins that we made like the Flying Cent.[/QUOTE]</p><p><br /></p>
[QUOTE="bradgator2, post: 4296483, member: 110679"]Lots of confusing info out there. Apmex's write up on the flying cent has this: An interesting note: at that time, Gold and Silver were the only metals accepted as official legal tender, so there was a great deal of opposition to the establishment of a penny coin. Then I read: In addition to demonetizing foreign coins, the Coinage Act of 1857 also discontinued the half cent. Furthermore, the penny was reduced in size. The large cent was discontinued and regular coinage of the Flying Eagle cent began. The Act fixed the weight and measure of US one-cent pieces at 4.655 grams, which was composed of 88% copper and 12% nickel. It also mandated that this new copper/nickel alloy be received as payment for the worn gold and silver coins turned in at the mint. The effective aim was to limit the domestic money supply by crushing European competition. This was the first major step towards the government essentially having a monopoly over the money supply. The Coinage Act of 1857 significantly altered the way American business was conducted. Since the beginning of the Colonies, businesses accepted any form of payment as long as it was made of specie. Following this Act of 1857, American business no longer accepted foreign coins and only US coins were accepted. Throughout this period, there was fierce competition among foreign exchange dealers in the United States. The ability of the US Mint to finally produce enough coinage made much of the foreign silver coinage obsolete. [URL]https://www.armstrongeconomics.com/history/americas-economic-history/the-monetary-reform-of-1857-ends-legal-tender-foreign-coins/[/URL] The article mainly talks about the legal status of foreign coins... not our coins that we made like the Flying Cent.[/QUOTE]
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