The small-denomination gold piece, licensed by the Act of March 3, 1853, represented a handy type of foreign money for on a regular basis transactions within the mid-Nineteenth century United States. Its metallic content material supplied intrinsic worth, and its dimension made it simply transportable, addressing a necessity for smaller denominations of gold coinage.
This specific type of foreign money performed a major function in facilitating commerce, significantly in areas the place bigger gold denominations had been impractical. Its manufacturing mirrored the nation’s increasing financial system and the growing availability of gold assets. The historic context surrounding its minting and circulation presents beneficial insights into the financial situations and financial insurance policies of the period.