The United States Constitution specifies that gold and silver are money. “No State shall … make any Thing but gold and silver Coin a Tender in Payment of Debts,” declares the Constitution. Further, one of the enumerated powers the Constitution lists for the US Congress is the power to “coin Money” (not print money) and “regulate the Value thereof.” Indeed, coining money containing gold and silver was ordered by the new US Congress via the Coinage Act of 1792. Lower value coins such as pennies and half pennies containing copper also circulated.
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