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The Supreme Court, in its famous Legal Tender and Gold Clause Cases, ruled that Congress has ‘plenary power’ to issue fiat money and dictate its value, pursuant to its power to ‘regulate the value’ of foreign and domestic coin. This interpretation is erroneous.
Consistent with this power, Congress may require holders of gold coin or gold certificates to surrender them in exchange for other currency not redeemable in gold.
As a result, the Constitution’s monetary clauses expressly grant Congress the power to coin money and to borrow money by issuing “notes” (i.e., interest-bearing government bonds), but not to ...
Because Article I, Section 10, Clause 1 of the Constitution prohibits the States from coining money, 1. the Supreme Court has recognized Congress’s coinage power to be exclusive. 2. The Supreme Court has also construed Congress’s power “to coin money” and “regulate the value thereof” to authorize Congress to regulate every phase of ...
2 Αυγ 2024 · The Constitution grants Congress authority over the currency of the United States, encompassing the powers to mint money and determine its value. Additionally, Congress has the authority to establish banks and manage the circulation of money.
The power to coin money is one of the ordinary prerogatives of sovereignty, and is almost universally exercised in order to preserve a proper circulation of good coin of a known value in the home market.
To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures; ArtI.S8.C5.1 Congress's Coinage Power.
