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Where did the silver & gold for early American coinage come from?
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<p>[QUOTE="Conder101, post: 5409156, member: 66"]BINGO!</p><p><br /></p><p><br /></p><p>I don't believe so. After 1853 you could sell silver to the government , or deposit it and have it made into bars, you couldn't deposit it for coinage. Gold you could still deposit for free coinage. When the silver coins became subsidiary in 1853 there was a profit to be made from the seigniorage and the government reserved that to themselves.</p><p><br /></p><p>Beginning in 1873 people could again deposit silver for coinage, but only for Trade dollars, and that was eliminated in 1878.</p><p><br /></p><p>Gold could be deposited for free conversion into coins up until the recall order in 1933. After that, until 1975, it could only be sold to the government.</p><p><br /></p><p>Since gold can now be owned the laws allowing you to deposit gold and silver at the mint still apply, but the only choices are to ether sell it at the official price ($1.29 per oz for silver, $41.25 per oz for gold) or have it made into bars. You can't have it coined.[/QUOTE]</p><p><br /></p>
[QUOTE="Conder101, post: 5409156, member: 66"]BINGO! I don't believe so. After 1853 you could sell silver to the government , or deposit it and have it made into bars, you couldn't deposit it for coinage. Gold you could still deposit for free coinage. When the silver coins became subsidiary in 1853 there was a profit to be made from the seigniorage and the government reserved that to themselves. Beginning in 1873 people could again deposit silver for coinage, but only for Trade dollars, and that was eliminated in 1878. Gold could be deposited for free conversion into coins up until the recall order in 1933. After that, until 1975, it could only be sold to the government. Since gold can now be owned the laws allowing you to deposit gold and silver at the mint still apply, but the only choices are to ether sell it at the official price ($1.29 per oz for silver, $41.25 per oz for gold) or have it made into bars. You can't have it coined.[/QUOTE]
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Where did the silver & gold for early American coinage come from?
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