With the Coinage Act of 1834, Congress passed an act that changed the mint ratio to approximately 16 to 1.
2.
However, the mint ratio ( the fixed exchange rate between gold and silver at the mint ) continued to overvalue gold.
3.
In 1717, Sir Isaac Newton, the master of the Royal Mint, established a new mint ratio between silver and gold that had the effect of driving silver out of circulation and putting Britain on a gold standard.
4.
The mint ratio ( the rate at which the mint was obligated to pay / receive for gold relative to silver ) remained fixed at 15 ounces of silver to 1 ounce of gold, whereas the market rate fluctuated from 15.5 to 1 to 16 to 1.
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