The House agreed to the amendments and the bill was signed into law by President James K. The government would not, however, redeem them in bulk. The legislation made base metal coins legal tender for the first time: both cents and two-cent pieces were acceptable in quantities of up to ten. ![]() The bill passed the Senate the same day with amendments and was sent back to the House for consideration. The legislation passed the House, and the Coinage Act of 1864 was signed by President Abraham Lincoln on April 22, 1864. The weight was reduced to 4.67 grams (0.164 ounces). ![]() 163) that the coinage was radically reduced with the composition of the penny being 88 copper and included 12 nickel, which produced a silver-like appearance. On March 3, 1849, the bill was reported by the United States Senate Committee on Finance and taken up by the Senate for debate. It was the Coinage Act of 1857 (Act of Feb. The bill passed the House the same day and moved to consideration in the Senate. On February 20, 1849, the bill was reported by the United States House Committee on Ways and Means and taken up by the House for debate. 746 was introduced by James Iver McKay on January 25, 1849. The Act also defined permissible variances in gold coinage. The Coinage Act of 1849 was an Act of the United States Congress passed during the California Gold Rush authorizing the Mint to produce two new gold coins in response to the increased gold supply: the small gold dollar and the large double eagle worth twenty dollars. The unit of currency was officially the dollar (), based on a bimetallic (gold and silver) system. House agreed to Senate amendment on March 3, 1849 (passed) The Coinage Act, passed in 1792, brought with it clarity.Committee consideration by United States House Committee on Ways and Means The Senate passed the Coinage Act fixing the nations currency to the gold standard and eliminating silver as a monetary standard. ![]()
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