Dollar gold to silver ratio be exactly 15.5. Then a pennyweight of gold, that is 24 grains of gold, is nearly equal in value to a dollar of silver (1 dwt of gold = $1.002 of silver). Second, a dollar of gold is nearly equal in value to a pound of silver ($1 of gold = 5754 3/8 grains of silver = 0.999 Lb of silver). Third, the number of grains in a dollar (371.25) roughly equals the number of grams in a troy pound (373.24). The actual process of defining the US silver dollar had nothing to do with any
Silver center cent of the new nation's coinage should be approximately equal to its face value. Some merchants would refuse to accept coins that did not meet this standard. For most denominations, bullion parity was achieved by producing the coins in a gold or silver alloy. However, the Coinage Act of 1792 specified that the cent was to consist of 11 pennyweight (264 grains or 17.1 g) of pure copper. Such a weight, needed to maintain intrinsic value, would have been too heavy for practical everyday use. U.S. Secretary of State Thomas Jefferson suggested an alternative: a coin made of an alloy that