Pittman Act of 1918
E1046962
The Pittman Act of 1918 was a U.S. law that authorized the melting of millions of silver dollars and the subsequent purchase of domestic silver, reshaping American silver coinage and mining policy in the early 20th century.
Statements (47)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal statute
ⓘ
monetary legislation ⓘ |
| affectedCurrency |
Morgan silver dollar
NERFINISHED
ⓘ
United States silver dollar NERFINISHED ⓘ |
| approximateSilverDollarsActuallyMelted | 270000000 ⓘ |
| approximateSilverDollarsAuthorizedForMelting | 350000000 ⓘ |
| authorizedAction |
melting of silver dollars
ⓘ
purchase of domestic silver ⓘ recoinage of silver dollars ⓘ sale of silver bullion ⓘ |
| beneficiaryIndustry | United States silver mining industry ⓘ |
| centuryOfEnactment | 20th century ⓘ |
| chamberOfOrigin | United States Senate NERFINISHED ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| dateEnacted | 1918-04-23 ⓘ |
| enactedDuringPresidencyOf | Woodrow Wilson NERFINISHED ⓘ |
| impact |
increased demand for newly mined domestic silver
ⓘ
influenced later silver dollar issues ⓘ reduced number of pre-1918 Morgan dollars in circulation ⓘ reshaped early 20th century American silver coinage ⓘ |
| implementedBy | United States Treasury NERFINISHED ⓘ |
| introducedBy | Key Pittman NERFINISHED ⓘ |
| jurisdiction |
United States government
ⓘ
surface form:
United States federal government
|
| languageOfWork | English ⓘ |
| legalArea |
currency regulation
ⓘ
metals and mining ⓘ |
| legislativeBody | United States Congress ⓘ |
| locationOfImplementation | United States Mint NERFINISHED ⓘ |
| namedAfter | Key Pittman NERFINISHED ⓘ |
| purpose |
to maintain the silver dollar as a monetary unit
ⓘ
to provide silver bullion for sale to Great Britain during World War I ⓘ to stabilize the price of silver ⓘ to support domestic silver mining interests ⓘ |
| recoinageParityRequirement | one silver dollar recoined for each silver dollar melted ⓘ |
| relatedTo |
Morgan dollar
NERFINISHED
ⓘ
Peace dollar NERFINISHED ⓘ United States Coinage Act of 1873 NERFINISHED ⓘ United States silver policy NERFINISHED ⓘ |
| requiredRecoinageFromDomesticSilver | yes ⓘ |
| silverPurchaseSource | domestic mines ⓘ |
| status | in force as historical statute ⓘ |
| subject |
coinage
ⓘ
mining policy ⓘ monetary policy ⓘ silver policy ⓘ |
| timePeriod | World War I NERFINISHED ⓘ |
| yearEnacted | 1918 ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.