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1853: The End of Bimetallism in the United States

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  • Martin, David A.

Abstract

The circumstances resulting in the Coinage Act of February 21, 1853 support Harry Johnson's thesis that historically fiduciary money has been substituted “for commodity-money in response to the interaction of scarcity of the latter and ingenuity in devising the former.” The Act of 1853 replaced bimetallism in the U.S. with a Composite Legal Tender System composed of a subsidiary small silver coinage adjunct to a de facto gold standard. After 1853 bimetallism remained only as a legal fiction which was finally terminated twenty years later.

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  • Martin, David A., 1973. "1853: The End of Bimetallism in the United States," The Journal of Economic History, Cambridge University Press, vol. 33(4), pages 825-844, December.
    • Handle: RePEc:cup:jechis:v:33:y:1973:i:04:p:825-844_07
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    Cited by:

    1. Officer, Lawrence H., 2002. "The U.S. Specie Standard, 1792-1932: Some Monetarist Arithmetic," Explorations in Economic History, Elsevier, vol. 39(2), pages 113-153, April.
    2. Paula Hernandez-Verme, 2009. "International Reserves Crises, Monetary Integration and the Payments System during the International Gold Standard," Department of Economics and Finance Working Papers EC200904, Universidad de Guanajuato, Department of Economics and Finance.

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