â€¢ Word-medially and -finally, /Î¸/ is realized as either [f] or [t] (so [mÊŒmf] or [mÊŒnt] for month); /Ã°/ as either [v] or [d] (so [smuv] for smooth).
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The intention was to use gold for large denominations, and silver for smaller denominations. A problem with bimetallic standards was that the metals' absolute and relative market prices changed. 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 to 1 to 16 to 1. With the Coinage Act of 1834 , Congress passed an act that changed the mint ratio to approximately 16 to 1. Gold discoveries in California in 1848 and later in Australia lowered the gold price relative to silver; this drove silver money from circulation because it was worth more in the market than as money.  Passage of the Independent Treasury Act of 1848 placed the . on a strict hard-money standard. Doing business with the American government required gold or silver coins.