Is Circumcision Merely Part of the Old Covenant?

In the early history of the New Testament Church, a controversy arose over whether Gentiles in the Church needed to be circumcised. The controversy is formally settled in Acts 15, although there are indications that certain Jews continued teaching this heresy. Most people wrongly conclude that the entire system of Old Covenant law was abolished as a result of the decision of the Acts 15 conference regarding circumcision. As an introduction to the topic of circumcision in the New Covenant, I'd like to examine the origin of circumcision and establish its significance as more than just a part of the Old Covenant law.