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Full Annotated Text Of The Coinage Act Of 1792 Establishing The US Mint

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numismatic student's Avatar
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 Posted 10/14/2017  12:13 pm Show Profile   Bookmark this topic Add numismatic student to your friends list Get a Link to this Message Number of Subscribers
I posted this in my numismatic history thread but things tend to get buried there so I posted this in a separate dedicated thread for discussion and comment. Thanks for looking and sharing your thoughts!

This is the formalization of a new federal system of money in our country. Original and annotated for purpose.

Full text of the Coinage Act of 1792 establishing the U.S. Mint


Full-Annotated-Text-Of-The-Coinage-Act-Of-1792-Establishing-The-US-Mint
Full-Annotated-Text-Of-The-Coinage-Act-Of-1792-Establishing-The-US-Mint
Full-Annotated-Text-Of-The-Coinage-Act-Of-1792-Establishing-The-US-Mint
Full-Annotated-Text-Of-The-Coinage-Act-Of-1792-Establishing-The-US-Mint
Full-Annotated-Text-Of-The-Coinage-Act-Of-1792-Establishing-The-US-Mint
Full-Annotated-Text-Of-The-Coinage-Act-Of-1792-Establishing-The-US-Mint
IN NECESSARIIS UNITAS - IN DUBIIS LIBERTAS - IN OMNIBUS CARITAS
THE MAN IN THE ARENA, Theodore Roosevelt at the Sorbonne Paris on April 23, 1910: "It is not the critic who counts; not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself in a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat."
My coin website:https://fairfaxcoins.com
Edited by numismatic student
10/14/2017 12:24 pm
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 Posted 10/14/2017  12:44 pm  Show Profile   Bookmark this reply Add numismatic student to your friends list Get a Link to this Reply
According to the inflation estimator linked below, the $2,000/yr salary of the Director of the Mint would be about $50,000 in 2017. Inflation records are spotty before 1913 when the Federal Reserve calculated its Consumer Price Index (CPI) so the overall estimate has a large margin of error. But this is probably the best estimate we have. If accurate, it seems like this was true public service by David Rittenhouse and the rest of the Mint's employees. You can put in other salaries in the calculator to see other estimates.

The $500 per year salary of a clerk at the Mint is about $12,000 in 2017.

In 2017, the federal poverty guideline is $12,060 for a single person household. For a family of 4, the poverty guideline is $24,600. Looks like a clerck's salary was at the poverty line if alone and less than half of the poverty threshold if supporting a small family.

Easy to see that subordinate workmen and servants listed in the Act made less and speaks to how tough it was to make a living in the U.S. at the dawn of our nation.

http://www.in2013dollars.com/1792-d...?amount=2000

IN NECESSARIIS UNITAS - IN DUBIIS LIBERTAS - IN OMNIBUS CARITAS
THE MAN IN THE ARENA, Theodore Roosevelt at the Sorbonne Paris on April 23, 1910: "It is not the critic who counts; not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself in a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat."
My coin website:https://fairfaxcoins.com
Edited by numismatic student
10/14/2017 4:52 pm
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 Posted 10/14/2017  1:01 pm  Show Profile   Bookmark this reply Add numismatic student to your friends list Get a Link to this Reply
Compare this to salaries in Congress from 1789 to 1815, which were $6.00 per diem according to the Senate's historical records.

https://www.senate.gov/artandhistor...salaries.htm

If in 1792, Members in Congress were paid $6 per day, a natural question is how many legislative days did Members of Congress work in 1792. Again Congress keeps great records.

http://history.house.gov/Institutio...n-Dates/1-9/

The 2nd Congress was seated between 1791-1792 and was in session for 241 legislative days. That would translate to $1,446. But this was over the two years that it was seated, so $721 would be a reasonable estimate per annum, even though they worked more during the first year.

Using the inflation calculator in the previous post, $721 in 1792 would be about $17,000 in 2017.

Modern Congresses have averaged about 138 legislative days per year in the 21st century and currently make $174,000 per year. The Speaker of the House currently makes $223,500.

The highest salary at the U.S. Mint was $185,800 in 2016 according to public records.
IN NECESSARIIS UNITAS - IN DUBIIS LIBERTAS - IN OMNIBUS CARITAS
THE MAN IN THE ARENA, Theodore Roosevelt at the Sorbonne Paris on April 23, 1910: "It is not the critic who counts; not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself in a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat."
My coin website:https://fairfaxcoins.com
Edited by numismatic student
10/14/2017 1:42 pm
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 Posted 10/14/2017  3:59 pm  Show Profile   Bookmark this reply Add numismatic student to your friends list Get a Link to this Reply
A gold eagle in 1792 contained 247.5 grains of gold which is 0.515625 of an ounce or more than half an ounce of gold.

Liberty Head and Saint-Gaudens eagles minted since 1838 contained 0.48375 of an ounce or less than half an ounce of gold.
IN NECESSARIIS UNITAS - IN DUBIIS LIBERTAS - IN OMNIBUS CARITAS
THE MAN IN THE ARENA, Theodore Roosevelt at the Sorbonne Paris on April 23, 1910: "It is not the critic who counts; not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself in a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat."
My coin website:https://fairfaxcoins.com
Edited by numismatic student
10/14/2017 4:35 pm
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 Posted 10/14/2017  4:27 pm  Show Profile   Bookmark this reply Add numismatic student to your friends list Get a Link to this Reply
Section 18 states that 3 coins shall be set aside from each batch to be assayed for metal composition.

Section 19 states that in assay, the crime of debasing the currency is a felony punishable by [gulp] death.



Fortunately, the Bill of Rights, including the 5th Amendment, was ratified into the Constitution by Congress on December 15, 1791, just in time to insure due process before being charged and tried for a crime.

IN NECESSARIIS UNITAS - IN DUBIIS LIBERTAS - IN OMNIBUS CARITAS
THE MAN IN THE ARENA, Theodore Roosevelt at the Sorbonne Paris on April 23, 1910: "It is not the critic who counts; not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself in a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat."
My coin website:https://fairfaxcoins.com
Edited by numismatic student
10/14/2017 4:34 pm
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 Posted 10/14/2017  4:42 pm  Show Profile   Bookmark this reply Add bpoc1 to your friends list Get a Link to this Reply
This is a wealth of information. Thanks for sharing.
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 Posted 10/14/2017  5:03 pm  Show Profile   Bookmark this reply Add numismatic student to your friends list Get a Link to this Reply
Thanks bpoc1.

Recall that the Capital of the US was in New York City until shortly before President George Washington was reelected to Office in 1792.

In 1792, the Capital of the U.S. had moved to Philadelphia and that was where the Mint was established.

The Capital of the U.S. did not move to Washington DC until March of 1801.

Mint headquarters moved to Washington then, but MInt operations remained entirely in Philadelphia until branch mints were established over time throughout the country.
IN NECESSARIIS UNITAS - IN DUBIIS LIBERTAS - IN OMNIBUS CARITAS
THE MAN IN THE ARENA, Theodore Roosevelt at the Sorbonne Paris on April 23, 1910: "It is not the critic who counts; not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself in a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat."
My coin website:https://fairfaxcoins.com
Edited by numismatic student
10/14/2017 5:18 pm
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 Posted 10/15/2017  4:45 pm  Show Profile   Bookmark this reply Add numismatic student to your friends list Get a Link to this Reply
Posted this earlier in the numismatic history thread, but it should be here too. These are the appointments of David Rittenhouse and Henry Voigt signed by George Washington and Thomas Jefferson. Also the announcement of their appointments.

Full-Annotated-Text-Of-The-Coinage-Act-Of-1792-Establishing-The-US-Mint
Full-Annotated-Text-Of-The-Coinage-Act-Of-1792-Establishing-The-US-Mint
Full-Annotated-Text-Of-The-Coinage-Act-Of-1792-Establishing-The-US-Mint

IN NECESSARIIS UNITAS - IN DUBIIS LIBERTAS - IN OMNIBUS CARITAS
THE MAN IN THE ARENA, Theodore Roosevelt at the Sorbonne Paris on April 23, 1910: "It is not the critic who counts; not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself in a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat."
My coin website:https://fairfaxcoins.com
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numismatic student's Avatar
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 Posted 10/15/2017  7:49 pm  Show Profile   Bookmark this reply Add numismatic student to your friends list Get a Link to this Reply
I had to look up what a surety bond was:

A surety bond is defined as a contract among at least three parties:
the obligee: the party who is the recipient of an obligation
the principal: the primary party who will perform the contractual obligation
the surety: who assures the obligee that the principal can perform the task

This was the surety bond posted by Henry Voigt, the first Chief Coiner of the United States Mint.

Full-Annotated-Text-Of-The-Coinage-Act-Of-1792-Establishing-The-US-Mint
Full-Annotated-Text-Of-The-Coinage-Act-Of-1792-Establishing-The-US-Mint
IN NECESSARIIS UNITAS - IN DUBIIS LIBERTAS - IN OMNIBUS CARITAS
THE MAN IN THE ARENA, Theodore Roosevelt at the Sorbonne Paris on April 23, 1910: "It is not the critic who counts; not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself in a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat."
My coin website:https://fairfaxcoins.com
Edited by numismatic student
10/15/2017 7:51 pm
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 Posted 10/16/2017  3:53 pm  Show Profile   Bookmark this reply Add Coinfrog to your friends list Get a Link to this Reply
All else aside, the penmanship just blows my mind.
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 Posted 10/16/2017  10:27 pm  Show Profile   Bookmark this reply Add numismatic student to your friends list Get a Link to this Reply
Penmanship is definitely a dying art, but there is such a thing as the World Penmanship Championship and the winner in 2017 was also the winner in 2015 and 2016 making her a triple crown winner. Her name is Dr. Vishwedra Singh. Interesting that english spelling and penmanship contests seem to be dominated these days by ethnic Indians... Sorry for the digression.

Dr. Singh's winning 2017 handwritten entry is here:

Full-Annotated-Text-Of-The-Coinage-Act-Of-1792-Establishing-The-US-Mint
IN NECESSARIIS UNITAS - IN DUBIIS LIBERTAS - IN OMNIBUS CARITAS
THE MAN IN THE ARENA, Theodore Roosevelt at the Sorbonne Paris on April 23, 1910: "It is not the critic who counts; not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself in a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat."
My coin website:https://fairfaxcoins.com
Edited by numismatic student
10/16/2017 10:28 pm
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jbuck's Avatar
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 Posted 10/17/2017  09:24 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Dr. Singh's winning 2017 handwritten entry is here:
That is amazing!

My handwriting is terrible, probably because I have been using a computer to do my writing since 1983. I doubt I could hand write a full letter. I get cramps just writing "Best wishes" in a birthday card.
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TheForce's Avatar
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 Posted 10/20/2017  08:29 am  Show Profile   Bookmark this reply Add TheForce to your friends list Get a Link to this Reply

Quote:
I get cramps just writing "Best wishes" in a birthday card.


ROTF!! lol
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 Posted 11/21/2017  7:18 pm  Show Profile   Bookmark this reply Add herbaby to your friends list Get a Link to this Reply
Is it true they have stopped teaching "cursive" in school?
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 Posted 11/21/2017  7:31 pm  Show Profile   Bookmark this reply Add numismatic student to your friends list Get a Link to this Reply
There is a whole political fight on this issue. Political discussion is forbidden here. The following article has some background about how Common Core standards did not include cursive and penmanship but people are putting forward efforts to bring it back to schools.

Let's be respectful of the rules and leave our politics outside the door of this discussion forum.

https://www.washingtonpost.com/loca...997e513e0f82
IN NECESSARIIS UNITAS - IN DUBIIS LIBERTAS - IN OMNIBUS CARITAS
THE MAN IN THE ARENA, Theodore Roosevelt at the Sorbonne Paris on April 23, 1910: "It is not the critic who counts; not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself in a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat."
My coin website:https://fairfaxcoins.com
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MontCollector's Avatar
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 Posted 11/21/2017  7:32 pm  Show Profile   Bookmark this reply Add MontCollector to your friends list Get a Link to this Reply

Quote:
Is it true they have stopped teaching "cursive" in school?


My youngest graduated high school in 2015. When she and her older brothers were in elementary school I noticed my kids were printing their letters instead of writing in cursive. My wife showed my daughter how to write in cursive. She then completed an english assignment in cursive and turned it in. Well she failed the assignment due to the cursive writing. We were told by the teacher, that the younger generation of teachers can't read cursive very well so all assignments had to be typed or use print writing. This is why they don't teach it much anymore.

This is the ONLY time I laughed out loud at one of my kids teachers. I just couldn't believe what she was telling us.
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