The United States Constitution and Bill of Rights each contain the word “dollar[]” (Art. I, § 9, cl. 1 and amend. VII) and therefore, the word “dollar[]” must have had a known definition at the time those documents were written and ratified.
Congress’s first Coinage Act of 1792 (SECOND CONGRESS. Sess. I. Ch. 16. Sec 9, pg. 248, 1792) gives us the answer: DOLLARS or UNITS-each to be of the value of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver. Hence the dollar is a silver coin containing at least 371-¼ grains of pure silver.
The Supreme Court of the United States recognized the constitutional necessity of a pure metallic standard of value for the United States Monetary System when it issued its opinion in United States v. Marigold, 50 U.S. (9 How.) 560, 567-568 (1850).
- “They [Congress] appertain rather to the execution of an important trust invested by the Constitution, and to the obligation to fulfill that trust on the part of the government, namely, the trust and the duty of creating and maintaining a uniform and pure metallic standard of valuethroughout the Union. The power of coining money and of regulating its value was delegated to Congress by the Constitution for the very purpose, as assigned by the framers of that instrument, of creating and preserving the uniformity and purity of such standard of value * * *
- “If the medium which the government was authorized to create and establish could immediately be expelled, and substituted by one it had neither created, estimated, nor authorized one possessing no intrinsic value then the power conferred by the Constitution would be useless wholly fruitless of every end it was designed to accomplish. Whatever functions Congress are, by the Constitution, authorized to perform, they are, when the public good requires it, bound to perform; and on this principle, having emitted a circulating medium, a standard of value indispensable for the purposes of the community, and for the action of the government itself, they are accordingly authorized and bound in duty to prevent its debasement and expulsion, and the destruction of the general confidence and convenience ….”
Additionally, in Eisner v. Macomber, 252 U.S. 189, 206 (1920) the Supreme Court of the United States stated:
- Congress cannot by any definition it may adopt conclude the matter, since it cannot by legislation alter the Constitution, from which alone it derives its power to legislate, and within whose limitations alone that power can be lawfully exercised.
Hence, the definition of the Dollar is fixed; it is a coin containing [at least] 371-¼ grains of pure silver and can only be changed via a Constitutional Amendment.
Does the Constitutional Dollar standard exist today?
- Yes!
- How do we know? Title 31 U.S.C. § 5116(b)(2) & Title 31 U.S.C. § 5112(e)
- The number $1.292929292.
It is derived from the constitutional dollar unit as
1 Troy ounce = 480 grains
One Dollar ($1) = 3714/16 grains of Silver
_______________________________________________________________________
480 grains
$1.292929292 = ————————————
3714/16 grains of Silver
Then what is the green note (Federal Reserve Bank Notes) we call a dollar today? It’s a form of legal tender, which is supposed to have the same purchasing power (Title 31 U.S.C. § 5119(a)) of the One Dollar silver coin defined in Title 31 U.S.C. § 5112(e). Attention: the only statutory definition of one dollar found in the United States code is found at Title 31 U.S.C. § 5112(e).
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