This article is about a 1918 law about silver. For a 1919 law stimulating reclamation in Nevada, see Pittman Underground Water Act.
The Pittman Act was a United States federal law sponsored by SenatorKey Pittman of Nevada and enacted on April 23, 1918. The Act authorized the conversion of up to 350,000,000 standard silver dollars into bullion and its sale or use for subsidiary silver coinage, and directed purchase of domestic silver for recoinage of a like number of dollars.[1] For each silver dollar converted into bullion, the Act also called for the temporary removal from circulation of an equivalent value of Silver Certificates. These certificates were to be temporarily replaced with a new issuance of Federal Reserve Bank Notes, including $1 and $2 denominations for the first time.[2]
Under the Act, 270,232,722 standard silver dollars were converted into bullion (259,121,554 for sale to Great Britain at $1.00 per fineounce, plus mint charges, and 11,111,168 for subsidiary silver coinage), the equivalent of about 209,000,000 fine ounces of silver. Between 1920 and 1933, under the Pittman Act, the same quantity of silver was purchased from the output of American mines, at a fixed price of $1 per ounce, from which 270,232,722 standard silver dollars were recoined. The fixed price of $1 per ounce was above the market rate and acted as a federal subsidy to the silver mining industry.[3]
The passage of the Pittman Act led to most coins of lesser value having much lower mintages in 1921, and no mintages at all, in 1922 — echoing what happened after the Bland-Allison Act of 1878 was passed, which also resumed the coinage of silver dollars.
Further provisions relating to silver coinage were contained in the Thomas Amendment to the Agricultural Adjustment Act of 1933.
^Carlson R. Chambliss and Gene Hessler (2014), The Comprehensive Catalog of U.S. Federal Large-Size Notes, 1861-1929, Page 230
^Burdette, R. W., Renaissance of American Coinage, 1916-1921 (Great Falls, VA: Seneca Mill Press, 2005), p. 185.
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The Pittman Act
March 16, 2024
pittman, this, article, about, 1918, about, silver, 1919, stimulating, reclamation, nevada, pittman, underground, water, united, states, federal, sponsored, senator, pittman, nevada, enacted, april, 1918, authorized, conversion, standard, silver, dollars, into. This article is about a 1918 law about silver For a 1919 law stimulating reclamation in Nevada see Pittman Underground Water Act The Pittman Act was a United States federal law sponsored by Senator Key Pittman of Nevada and enacted on April 23 1918 The Act authorized the conversion of up to 350 000 000 standard silver dollars into bullion and its sale or use for subsidiary silver coinage and directed purchase of domestic silver for recoinage of a like number of dollars 1 For each silver dollar converted into bullion the Act also called for the temporary removal from circulation of an equivalent value of Silver Certificates These certificates were to be temporarily replaced with a new issuance of Federal Reserve Bank Notes including 1 and 2 denominations for the first time 2 Under the Act 270 232 722 standard silver dollars were converted into bullion 259 121 554 for sale to Great Britain at 1 00 per fine ounce plus mint charges and 11 111 168 for subsidiary silver coinage the equivalent of about 209 000 000 fine ounces of silver Between 1920 and 1933 under the Pittman Act the same quantity of silver was purchased from the output of American mines at a fixed price of 1 per ounce from which 270 232 722 standard silver dollars were recoined The fixed price of 1 per ounce was above the market rate and acted as a federal subsidy to the silver mining industry 3 The passage of the Pittman Act led to most coins of lesser value having much lower mintages in 1921 and no mintages at all in 1922 echoing what happened after the Bland Allison Act of 1878 was passed which also resumed the coinage of silver dollars Further provisions relating to silver coinage were contained in the Thomas Amendment to the Agricultural Adjustment Act of 1933 See also editExecutive Order 6102 Executive Order 6814References edit Anon Old Series Currency Adjustment Act Washington D C United States Government Publishing Office 1961 p 23 Carlson R Chambliss and Gene Hessler 2014 The Comprehensive Catalog of U S Federal Large Size Notes 1861 1929 Page 230 Burdette R W Renaissance of American Coinage 1916 1921 Great Falls VA Seneca Mill Press 2005 p 185 External links editThe Pittman Act Retrieved from https en wikipedia org w index php title Pittman Act amp oldid 1180343450, wikipedia, wiki, book, books, library,
