1791

Hamilton’s mint report

Hamilton’s 1791 report argues for a dollar in gold and silver. The Coinage Act that writes it into law is 1792.

Portrait of Alexander Hamilton.
Alexander Hamilton. The mint report is 1791. The Coinage Act is the next year.Public domain.

Alexander Hamilton’s Report on the Establishment of a Mint argued for a bimetallic dollar, at a ratio close to market practice. The argument is the report. It is not yet the statute.

Congress wrote both metals into the dollar in the Coinage Act of 2 April 1792, at fifteen ounces of silver to one ounce of gold at the Mint. The law could fix that ratio. The market did not have to keep it.

Early U.S. coinage