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The United States effectively ended the silver standard in 1873 with the passage of the Coinage Act of 1873, which demonetized silver.
Key Milestones in Leaving the Silver Standard
- 1834: The U.S. began transitioning away from primary silver backing by reducing the gold content of the dollar, making gold the favored standard.
- 1873: President Ulysses S. Grant signed the Coinage Act of 1873, stopping the free coinage of silver and officially moving the country toward a gold standard.
- 1900: The Gold Standard Act of 1900 explicitly reaffirmed gold as the sole legal standard and fully ended bimetallism.
- 1965: President Lyndon Johnson signed the Coinage Act of 1965, removing silver entirely from circulating dimes and quarters as the metal's intrinsic value surpassed face value.
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