Gold Bullion Coin Act of 1985

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Gold Bullion Coin Act of 1985
Great Seal of the United States
Long title An Act to authorize the minting of gold bullion coins.
Acronyms (colloquial) GBCA
Enacted by the 99th United States Congress
Effective December 17, 1985
Citations
Public law 99-185
Statutes at Large 99 Stat. 1177
Codification
Titles amended 31 U.S.C.: Money and Finance
U.S.C. sections amended
Legislative history
  • Introduced in the Senate as "S. 1639".  by J. James Exon (D-NE) on September 12, 1985
  • Committee consideration by Senate Banking, Housing, and Urban Affairs
  • Passed the Senate on November 14, 1985 (Passed voice vote)
  • Passed the House on December 2, 1985 (Passed voice vote)
  • Signed into law by President Ronald W. Reagan on December 17, 1985

The Gold Bullion Coin Act of 1985, Pub. L. No. 99-185, 99 Stat. 1177 (Dec. 17, 1985), codified at 31 U.S.C. § 5112(a)(7) through (a)(10), 31 U.S.C. § 5112(i), 31 U.S.C. § 5116(a)(3), and amending 31 U.S.C. § 5118(d) and 31 U.S.C. § 5132(a)(1), 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 United States 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 on December 17, 1985.[1] One requirement is that all gold used in minting the coins would be from "newly mined domestic sources".

Gold coins as legal tender[edit]

The case of Ling Su Fan v. United States, 218 U.S. 302 (1910), establishes the legal distinction of a coin bearing the "impress" of the sovereign:

United States gold bullion coin with engraved Bald Eagle

The case of Thompson v. Butler, 95 U.S. 694 (1877), establishes that the law makes no legal distinction between the values of coin and paper money used as legal tender:

References[edit]

  1. ^ Peters, Gerhard; Woolley, John T. "Ronald Reagan: "Statement on Signing the Gold Bullion Coin Act of 1985 ," December 17, 1985". The American Presidency Project. University of California - Santa Barbara. 

External links[edit]