feb 12, 1873 - Coinage Act of 1873 (Policy)
Description:
Event: The Coinage Act of 1873, also called the “Crime of ’73”, ended the free coinage of silver, contracting the money supply and effectively placing the U.S. on a gold standard.Impact: It reduced the money supply, favoring creditors and wealthy industrialists but angering farmers and debtors, leading to demands for bimetallism, a monetary system in which a government recognizes coins composed of both gold or silver as legal tender (Chen).
Added to timeline:
Date:
feb 12, 1873
Now
~ 152 years ago