Coinage Act of 1849

The Coinage Act of 1849 was an Act of the United States Congress passed during the California Gold Rush authorizing the Mint to produce two new gold coins in response to the increased gold supply: the small gold dollar and the large double eagle worth twenty dollars. The Act also defined permissible variances in gold coinage.

Legislation
House Bill No. 746 was introduced by James Iver McKay on January 25, 1849. On February 20, 1849, the bill was reported by the United States House Committee on Ways and Means and taken up by the House for debate. The bill passed the House the same day and moved to consideration in the Senate. On March 3, 1849, the bill was reported by the United States Senate Committee on Finance and taken up by the Senate for debate. The bill passed the Senate the same day with amendments and was sent back to the House for consideration. The House agreed to the amendments and the bill was signed into law by President James K. Polk.