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The Wizard of Oz and the Crime of '73
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<p>[QUOTE="Conder101, post: 631384, member: 66"]Actually that was part of the "crime of 1873", the right to bring silver to the mint and have it coined into money was removed by the act. After Feb 12th 1873 people could bring silver to the mint and have it assayed and cast into bars, but from that point on the only silver coins were produced on the governments account, not the peoples. (Exception: free coinage of silver into Trade dollars was still allowed.) Part of the gold/silver debates of 1896 was the restoration of the right for the free coinage of silver. The gold bugs won and the peoples privilege of having their silver coined into money never returned. Free coinage of gold remained untill the gold recall in 1933. (Although in the early years free coinage actually WAS free, that didn't last long an small charges were added for immediate delivery, for refining to bring it up to standard, for the cost of the alloy to bring it down to standard, or for dealing with very small amounts of bullon. Still the charges tended to run in the .5 to 1.5% range) Before 1837 ALL of the silver and gold coiage depended upon deposits by people and businesses. The Mint did not have a bullion purchase fund to allow them to buy gold and silver in the market for conversion into coins until 1837.[/QUOTE]</p><p><br /></p>
[QUOTE="Conder101, post: 631384, member: 66"]Actually that was part of the "crime of 1873", the right to bring silver to the mint and have it coined into money was removed by the act. After Feb 12th 1873 people could bring silver to the mint and have it assayed and cast into bars, but from that point on the only silver coins were produced on the governments account, not the peoples. (Exception: free coinage of silver into Trade dollars was still allowed.) Part of the gold/silver debates of 1896 was the restoration of the right for the free coinage of silver. The gold bugs won and the peoples privilege of having their silver coined into money never returned. Free coinage of gold remained untill the gold recall in 1933. (Although in the early years free coinage actually WAS free, that didn't last long an small charges were added for immediate delivery, for refining to bring it up to standard, for the cost of the alloy to bring it down to standard, or for dealing with very small amounts of bullon. Still the charges tended to run in the .5 to 1.5% range) Before 1837 ALL of the silver and gold coiage depended upon deposits by people and businesses. The Mint did not have a bullion purchase fund to allow them to buy gold and silver in the market for conversion into coins until 1837.[/QUOTE]
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