American Monetary Standard

Lawrence H. Officer ()
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Lawrence H. Officer: University of Illinois at Chicago

Chapter Chapter 17 in Essays in Economic History, 2022, pp 303-339 from Springer

Abstract: Abstract The U.S. unit of account changed from the states’ specific British-based system to national decimal accounting. There was no functioning national mint until 1794. The gold and silver contents of the dollar were altered several times over 1786–1934, and the effective monetary standard 1791–1973 was subject to change nationally and/or with geographic exception, as well as (ultimately) internationally. The legal-tender status of foreign coin and coinage of private bullion are issues of importance. Suspensions of specie payments (convertibility of paper money into gold or silver) on the part of banks or the Treasury or Federal Reserve gave rise to paper-standard episodes.

Keywords: Unit of account; Mint; Dollar; Coin; Coinage; Legal tender; Suspension of specie payments; Monetary standard; Paper money; Convertibility; Bars; Metallic standard; Paper standard; Gold standard; Gold-bullion standard; Silver standard; Bimetallic standard (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-95925-8_17

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DOI: 10.1007/978-3-030-95925-8_17

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