A dollar in silver coins not worth a silver dollar 0

[RWB]

We commonly think of all forms of legal tender money as being equivalent and exchangeable from one to the other. But that concept only became standard in 1934. Here's a short letter from the Acting Mint Director explaining the silver coin situation in 1878.

R. Maclay ,Esq.

Pres. Knickerbocker Ice Co.

432 Broad St., New York.

 July 29th 1878.

 

Sir,

 I have received your letter of the 27th inst. relating to exchanging silver fractional coins for standard silver dollars.

 There is no provision of law under which silver fractional coins can be exchanged for silver dollars or legal tender notes. A bill was introduced at the last session of Congress for the redemption of these coins but it failed to become a law. U.S. trade dollars and foreign silver coins not being legal tenders can be refused.

 I enclose herewith Treasury Circulars relates to the redemption of the nickel and bronze minor coins, and to the value of the Mexican and trade dollar.

 Very respectfully,

R. E. Preston

Act’g Director.

Edited December 25, 2023 by RWB

[Henri Charriere]

Still hard at work combing through the files of history, on a holiday yet!

I have never given this much thought before, but then why would I? Silver started to vanish 60 years ago?

Nevertheless, this was probably the origin of the expression:  I WANT MY MONEY BACK!!!

[zadok]

...equivalent n exchangeable may or may not be the same thing....

[Henri Charriere]

On 12/25/2023 at 12:22 PM, zadok said:

...equivalent n exchangeable may or may not be the same thing....

There are some people who have never been able to "accept" the fact that the half-dollar ought to be worth so much more than the dollar because it's so much bigger.

[RWB]

The "standard silver dollar" was of unlimited legal tender value. All of the silver coins had limits topping out at $5 for Trade dollars (until repealed).

[zadok]

On 12/25/2023 at 11:47 PM, RWB said:

The "standard silver dollar" was of unlimited legal tender value. All of the silver coins had limits topping out at $5 for Trade dollars (until repealed).

...on paper only not an actuality in day to day financial n commercial transactions...10 silver US dimes were then n later exchangeable for a silver US dollar ditto 4 silver US quarters...everything found in legislative edicts n US mint archives were never absolute then or now....