Flamingos In Culture

Flamingos are a familiar sight even to those who have never seen one in real life. Though the dollar came under the gold standard de jure only after 1900, the bimetallic era was ended de facto when the Coinage Act of 1873 suspended the minting of the standard silver dollar of 412.5 grains (26.73 g = 0.8595 oz t), the only fully legal tender coin that individuals could convert bullion into in unlimited (or Free silver ) quantities, a and right at the onset of the silver rush from the Comstock Lode in the 1870s.

However, silver and gold coins continued to be issued, resulting in the depreciation of the newly printed notes through Gresham's Law In 1869, Supreme Court ruled in Hepburn v. Griswold that Congress could not require creditors to accept United States Notes, but overturned that ruling the next year in the Legal Tender Cases In 1875, Congress passed the Specie Payment Resumption Act , requiring the Treasury to allow U.S. Notes to be redeemed for gold after January 1, 1879.

The U.S. Constitution provides that Congress shall have the power to "borrow money on the credit of the United States." 47 Congress has exercised that power by authorizing Federal Reserve Banks to issue Federal Reserve Notes Those notes are "obligations of the United States" and "shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank".

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Even after the United States Mint commenced issuing coins in 1792, locally minted dollars and cents were less abundant in circulation than Spanish American pesos and reales; hence Spanish, Mexican and American dollars all remained legal tender in the United States until the Coinage Act of 1857 In particular, Colonists' familiarity with the Spanish two-real quarter peso was the reason for issuing a quasi-decimal 25-cent quarter dollar coin rather than a 20-cent coin.