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What did the Coinage Act of 1792 do? What does 15:1 mean?
It established a "bimetallic standard" for US currency based on silver and gold. They were printed in different weights to equal each other in value.
15:1 is the original mint value of silver to gold. The silver must be 15 times heavier than the gold to equal it in value.
15:1 is the original mint value of silver to gold. The silver must be 15 times heavier than the gold to equal it in value.
Flashcard info:
Author: savhighsmith
Main topic: Economics
Topic: History of Economics
School / Univ.: UGA
City: Athens
Published: 12.10.2010