I was glad when they said to me, “Let us go to the house of the LORD!” – Psalm 122:1
This day in 1870 was the final day for U.S. silver coins to circulate in Canada. Most of the coins circulating in 1861 were produced under the Coinage Act of 1853. This law reduced the weight of fractional silver coins, and the superabundance of these coins replaced the earlier currency issued for the next eight years. However, during the Civil War, a shortage of gold ensued, leaving the U.S. to rely on its newly-issued paper currency, which was not immediately redeemable. The U.S. silver coins circulated in Latin America during the 1860s, but a larger number had already been distributed in Canada. Canadian banks had purchased U.S. coins for decades, often directly from the U.S. Mint. When Canada established it own silver coin in 1858, the U.S. coin was still allowed to circulate. Canada eventually superseded the U.S. coin with its own, exchanging U.S. silver coins for Canadian currency at a discounted rate.
As the Lord leads, pray with us…
- For Director Ventris Gibson as she oversees the operations and staff of the U.S. Mint.
- For Director Leonard Olijar as he leads and manages the U.S. Bureau of Engraving and Printing.
