Gold Coinage Act authorizes the gold dollar and double eagle

Background. Prior to 1849, Congress had authorized a silver dollar but no gold coin of that denomination, following Hamilton's recommendation only in part. In December 1836, the Philadelphia newspaper Public Ledger supported a gold dollar, but the provision authorizing it was deleted from an earlier bill after Mint Director Patterson appeared before a congressional committee—an unsuccessful effort predating the 1849 Act. Record amounts of gold were already flowing to American mints before 1848, and the California Gold Rush vastly increased these quantities, galvanizing Congress into renewed action in 1849.

Legislative Process. James Iver McKay introduced House Bill No. 746 on January 25, 1849. The bill was reported by the House Committee on Ways and Means on February 20. Separately, Senator Charles Atherton introduced a bill to authorize the gold dollar and the double eagle in the Senate on February 1, 1849, as chairman of the Senate Finance Committee; the passages do not state that this Senate measure and McKay's House bill were the same bill. The bill passed easily with minimal opposition, becoming law on March 3, 1849.

Coin Authorization. The Act authorized the Mint to produce the small gold dollar and the large double eagle worth twenty dollars. The double eagle was created by this Act, with specific dimensions and alloy composition defined. The gold dollar was intended to help money circulate in small communities where banknotes were not accepted, addressing public demand for these denominations.