“The coining of money is in all states the act of the sovereign power; for the reason just mentioned, that it's value may be known on inspection.”
– William Blackstone's “Commentaries on the Laws of England” (1765), Book 1, Chapter 7
You might expect that in the Founding Fathers' time, the British Constitution would place the power of coining money into the Parliament. If so, you'd be wrong – in their time, it was the British monarchy that had this power, and the related power to regulate “weights and measures” as well. By contrast, the Constitution of the United States said that the Congress shall have the power to “coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures” (Source: Article 1, Section 8, Paragraph 5). The Constitution thus vests these powers in the legislative branch, rather than the executive branch. This was a major break with British tradition.
To illustrate this, I will quote from a source that was used by a number of our Founding Fathers. This source is William Blackstone's “Commentaries on the Laws of England” (better known as Blackstone's “Commentaries”), which was used specifically by Alexander Hamilton in the Federalist Papers. (All quotations from Blackstone's “Commentaries” in this particular post are from Book 1, Chapter 7, so I will not note this every time.) Everything in the first volume, including this chapter, was written in 1765.
Sir William Blackstone


