Joseph Wharton

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 Joseph Wharton Empty Joseph Wharton

Post by kosovohp on Thu Oct 07, 2010 4:35 am

Industrialist Joseph Wharton had a near-monopoly on the mining of nickel in the United States, and sought to promote its use in coinage.[7] He was also highly influential in Congress. His friends there, though they had failed to obtain the metal's use for the two-cent piece, had been more successful with the three-cent coin.[8] Pollock prepared a bill authorizing a five-cent coin of the same alloy as the three-cent piece, and a total weight not to exceed 60 grains (3.9 g). At the committee stage in the House of Representatives, the weight was amended to 77.19 grains (5.00 g), ostensibly to make the weight equal to five grams in the metric system[9] but more likely so that Wharton could sell more nickel.[6] The new coin would now be heavy in proportion to the three-cent copper-nickel coin. The bill passed without debate on May 16, 1866.[6] The new copper-nickel coin was legal tender for up to one dollar, and would be paid out by the Treasury in exchange for coin of the United States, excluding the half cent, cent and two-cent. It was redeemable in lots of $100 for banknotes. Fractional currency in denominations of less than ten cents was withdrawn.[10][11]

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