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Second Congress Resolution Regulating Foreign Coins.. ...
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Sold on Jun 4, 2014 for:
$4,406.25
Bid Source: Live: Phone bidder
Description
An Act Regulating Foreign Coins
Second Congress, 1793
Second Congress Resolution Regulating Foreign Coins.Established by an Act of Congress in April, 1792, the Mint got off to a slow start, due in part to inferior machinery and a lack of the necessary bullion with which to strike coins. To satisfy coinage demand until such time as the Mint was fully operational, Congress passed An Act regulating Foreign Coins, and for other purposes, in November, 1792, which was signed into law by President George Washington in February, 1793. This Act established the legal tender status of several foreign coinages then in circulation for the duration of three years, beginning July 1, 1793, regulating them to values in proportion with the recently adopted United States monetary system. The only foreign coins exempt from the July, 1796, legal tender expiration were the Spanish milled dollar and its subsidiary denominations, which were closely related to the adopted United States monetary system. The Act also subjected all other foreign coins to be denied legal tender status, until examples could be tested for compliance with the U.S. standards by the assayer of the United States Mint.
This law was effectively repealed when Congress passed the Coinage Act of 1857, which, among other things, officially abolished the legal tender status of all foreign coins, including the Spanish milled dollar.
This printing of the foreign coin regulatory Act, approved February 9, 1793, is type-signed by Jonathan Trumbull, Speaker of the House of Representatives, John Adams, Vice-President of the United States, and President of the Senate, and George Washington, President of the United States. On the back are two handwritten dockets, dated 1793, with some show-through to the front. Several folds are present, with some foxing and minor tears around the edges. The central horizontal crease and a couple edge tears are expertly reinforced on the back side only. All type and docketing is clear. Printed by Childs and Swaine. This is a rare and intriguing piece of early United States Mint history.
Coin Index Numbers: (NGC ID# AUBB, PCGS# 2, GSID# 402)
Auction Info
2014 June 4 - 8 US Coins Signature Auction - Long Beach #1206 (go to Auction Home page)
Auction Dates
June, 2014
4th-8th
Wednesday-Sunday
Bids + Registered Phone Bidders: 30
Lot Tracking Activity: N/A
Page Views: 1,765
Buyer's Premium per Lot:
17.5% of the successful bid per lot.
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