Gold Bullion Coin Act of 1985
Encyclopedia
The Gold Bullion Coin Act of 1985, Pub. L. No. 99-185, 99 Stat. 1177 (Dec. 17, 1985), codified at through (a)(10), , , and amending and , has helped the American Gold Eagle
to quickly become one of the world's leaders in gold bullion coin. Produced from gold mined in the United States, American Eagles are imprinted with their gold content and legal tender
face value.
The act was passed by Congress pursuant to its exclusive power to coin money and set its value, set forth in Article I, Section 8, Clause 5 of the United States Constitution
. It was signed by Ronald Reagan
in 1985. One requirement is that all gold used in minting the coins would be from "newly mined domestic sources".
The case of Thompson v. Butler, , establishes that the law makes no legal distinction between the values of coin and paper money used as legal tender
:
American Gold Eagle
The American Gold Eagle is an official gold bullion coin of the United States. Authorized under the Gold Bullion Coin Act of 1985, it was first released by the United States Mint in 1986.- Details :...
to quickly become one of the world's leaders in gold bullion coin. Produced from gold mined in the United States, American Eagles are imprinted with their gold content and legal tender
Legal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
face value.
The act was passed by Congress pursuant to its exclusive power to coin money and set its value, set forth in Article I, Section 8, Clause 5 of the United States Constitution
United States Constitution
The Constitution of the United States is the supreme law of the United States of America. It is the framework for the organization of the United States government and for the relationship of the federal government with the states, citizens, and all people within the United States.The first three...
. It was signed by Ronald Reagan
Ronald Reagan
Ronald Wilson Reagan was the 40th President of the United States , the 33rd Governor of California and, prior to that, a radio, film and television actor....
in 1985. One requirement is that all gold used in minting the coins would be from "newly mined domestic sources".
Gold coins as legal tender
The case of Ling Su Fan v. United States, , establishes the legal distinction of a coin bearing the "impress" of the sovereign:The case of Thompson v. Butler, , establishes that the law makes no legal distinction between the values of coin and paper money used as legal tender
Legal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
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