John Jay Knox Jr. was born March 19, 1828, in Knoxboro, New York, today a part of the town of Augusta.

[5] Knox gained experience and authority in a series of further jobs in the banking industry which followed, including stops in Binghamton, New York, Norfolk, Virginia.

[8] He authored two influential articles on the matter, published in Hunt's Merchants' Magazine in 1861 and 1862, which gained the notice of Secretary Chase.

In that capacity in April 1870, Knox prepared a 100-page report codifying the mint and coinage laws of the United States.

[5] This was followed in June 1870 with another report of similar length, collecting the views of mint employees and financial experts and providing for legislation to eliminate the silver dollar from circulation.

[5] Knox's proposal was passed into law after a few amendments as the Coinage Act of 1873 — an event which triggered a rapid fall in the price of silver and which ushered in an era of bitter currency debate which dominated the political landscape for the better part of three decades.