gold

gold
A mineral. 36 Am J1st Min & M § 5. A precious metal so highly regarded as to have served for a period reaching into the remote past as a medium of exchange and the substance of coinage. The act of Congress of 1792 established a mint for the purpose of a national coinage. It was the result of very careful and thorough investigation of the whole subject, in which Jefferson and Hamilton took the greatest parts. It provided that the gold of coinage should consist of eleven parts fine and one part alloy, which alloy was to be of silver and copper in convenient proportions, not exceeding one half silver; and that the silver of coinage should consist of fourteen hundred and eighty-five parts fine, and one hundred and seventy-nine parts of an alloy wholly of copper. Bronson v Rodes (US) 7 Wall 229, 247, 19 L Ed 141, 145. The coinage of gold has been discontinued and gold coins withdrawn from circulation. 36 Am J1st Money § 16. See bullion; queen-gold.

Ballentine's law dictionary. . 1998.

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