View source for Gold Bullion Coin Act of 1985

{{Infobox U.S. legislation
| shorttitle = Gold Bullion Coin Act of 1985
| othershorttitles = 
| longtitle = An Act to authorize the minting of gold bullion coins.
| colloquialacronym = GBCA
| nickname = 
| enacted by = 99th
| effective date = December 17, 1985
| public law url = https://www.gpo.gov/fdsys/pkg/STATUTE-99/pdf/STATUTE-99-Pg1177.pdf
| cite public law = 99-185
| cite statutes at large = {{usstat|99|1177}}
| acts amended = 
| acts repealed = 
| title amended = [[Title 31 of the United States Code|31 U.S.C.: Money and Finance]]
| sections created = <!--{{USC}} can be used-->
| sections amended = {{unbulleted list|{{Usc-title-chap|31|51|II}} §§ 5112, 5116, 5118|{{Usc-title-chap|31|51|III}} § 5132}}
| leghisturl = http://thomas.loc.gov/cgi-bin/bdquery/z?d099:SN01639:@@@R
| introducedin = Senate
| introducedbill = {{USBill|99|S.|1639}}
| introducedby = [[J. James Exon]] ([[Democratic Party (United States)|D]]–[[Nebraska|NE]])
| introduceddate = September 12, 1985
| committees = [[United States Senate Committee on Banking, Housing, and Urban Affairs|Senate Banking, Housing, and Urban Affairs]]
| passedbody1 = Senate
| passeddate1 = November 14, 1985
| passedvote1 = Passed voice vote
| passedbody2 = House
| passedas2 = <!-- used if the second body changes the name of the legislation -->
| passeddate2 = December 2, 1985
| passedvote2 = Passed voice vote
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| agreedbody3 = <!-- used when the other body agrees without going into committee -->
| agreeddate3 = <!-- used when the other body agrees without going into committee -->
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| agreedbody4 = <!-- used if agreedbody3 further amends legislation -->
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| agreedvote4 = <!-- used if agreedbody3 further amends legislation -->
| passedbody4 = 
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| signedpresident = [[Ronald Reagan]]
| signeddate = December 17, 1985
| unsignedpresident = <!-- used when passed without presidential signing -->
| unsigneddate = <!-- used when passed without presidential signing -->
| vetoedpresident = <!-- used when passed by overriding presidential veto -->
| vetoeddate = <!-- used when passed by overriding presidential veto -->
| overriddenbody1 = <!-- used when passed by overriding presidential veto -->
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| amendments = 
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}}
The '''Gold Bullion Coin Act of 1985''', Pub. L. No. 99-185, 99 Stat. 1177 (Dec. 17, 1985), codified at {{usc|31|5112(a)(7)}} through (a)(10), {{usc|31|5112(i)}}, {{usc|31|5116(a)(3)}}, and amending {{usc|31|5118(d)}} and {{usc|31|5132(a)(1)}}, has helped the [[American Gold Eagle]] to quickly become one of the world's leaders in [[bullion coin|gold bullion coin]]. Produced from [[gold]] mined in the [[United States]], American Eagles are imprinted with their gold content and [[legal tender]] [[face value]].

The act was passed by [[United States Congress]] pursuant to its exclusive power to [[Coining (mint)|coin]] [[money]] and set its value, set forth in [[Article I of the United States Constitution|Article I, Section 8, Clause 5]] of the [[United States Constitution]]. It was signed by [[Ronald Reagan]] on December 17, 1985.<ref>{{cite web |url=http://www.presidency.ucsb.edu/ws/?pid=38178 |title=Ronald Reagan: "Statement on Signing the Gold Bullion Coin Act of 1985 ," December 17, 1985 |author1=Peters, Gerhard |author2=Woolley, John T |work=The American Presidency Project |publisher=University of California - Santa Barbara}}</ref> One requirement is that all gold used in minting the coins would be from "newly mined domestic sources".

==Gold coins as legal tender==

The case of ''[[Ling Su Fan v. United States]]'', {{ussc|218|302|1910}}, establishes the legal distinction of a coin bearing the "impress" of the sovereign:
[[File:Liberty $50 Reverse.png|thumb|left|United States gold bullion coin with engraved Bald Eagle]]
{{cquote|These limitations are due to the fact that public law gives to such coinage a value which does not attach as a mere consequence of intrinsic value. Their quality as a [[legal tender]] is an attribute of law aside from their bullion value. They bear, therefore, the impress of sovereign power which fixes value and authorizes their use in exchange.}}

The case of ''[[Thompson v. Butler]]'', {{ussc|95|694|1877}}, establishes that the law makes no legal distinction between the values of coin and paper money used as [[legal tender]]:

{{cquote|A coin dollar is worth no more for the purposes of tender in payment of an ordinary debt than a note dollar. The law has not made the note a standard of value any more than coin. It is true that in the market, as an article of merchandise, one is of greater value than the other; but as money, that is to say, as a medium of exchange, the law knows no difference between them.}}

==References==
{{reflist}}

==External links==
*[https://web.archive.org/web/20150620002043/http://izagg.com/WealthBuilding/Postings/goldinfo3.htm Complete Act]

{{Authority control}}

[[Category:99th United States Congress]]
[[Category:United States federal currency legislation]]
[[Category:Gold legislation]]