- Pittman Act
The Pittman Act was a
United States federal law sponsored by SenatorKey Pittman ofNevada and enacted onApril 23 ,1919 . The act authorized the conversion of not exceeding 350,000,000 standardsilver dollar s intobullion and its sale, or use for subsidiary silver coinage, and directed purchase of domestic silver for recoinage of a like number of dollars. Under the Act, 270,232,722 standard silver dollars were converted into bullion (259,121,554 for sale toGreat 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 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.Further provisions relating to silver coinage were contained in the Thomas Amendment to the
Agricultural Adjustment Act of 1933.References
* [http://www.usmint.gov/about_the_mint/mint_history/index.cfm?flash=yes&printer=yes&action=silver_dollar_1900s Information about the Pittman Act, from the U.S. Mint]
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