Gold Rush Currency: Congress Mints New Coins
Congress authorized the minting of gold dollar coins and twenty-dollar double eagle coins on March 3, 1849, responding to the flood of California Gold Rush bullion that was pouring into the economy faster than the existing monetary system could absorb it. Before the act, the smallest gold coin was the .50 quarter eagle, and the largest was the eagle. The gold dollar, roughly the size of a modern dime, proved unpopular because it was too small to handle easily and was frequently lost. The double eagle, by contrast, became one of the most iconic coins in American history, remaining in production until 1933. The legislation had a secondary purpose: by converting raw gold into standardized currency, it prevented private minters from issuing their own gold coins, which had been happening across California. The act helped stabilize a monetary system that was being destabilized by the largest sudden influx of gold since the Spanish conquest of the Americas.
March 3, 1849
177 years ago
Key Figures & Places
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