Coinage Act of 1873

The Coinage Act of 1873 was a U.S. law that officially changed the country’s currency system. It ended the use of silver coins as legal tender and focused on gold as the main standard, effectively placing the U.S. on a gold standard. This move benefited banks and gold investors but hurt silver miners and those who relied on silver as money. The act led to economic debates and protests, as many believed it reduced the money supply and favored wealthy interests. It marked a significant shift in American monetary policy and contributed to the "Free Silver" movement later.