2016-04-02 Sat

The Coinage Act or the Mint Act was passed by the United States Congress on April 2, 1792. This act established the United States Mint at Philadelphia and regulated the coinage of the United States.

The Coinage Act of 1792 authorised the minting of $10 Eagle, $5 half-Eagle & 2.50 quarter-Eagle gold coins as well as the silver dollar, dollar, quarter, dime & half-dime. This act also established the silver dollar as the unit of money in the United States, declared it to be lawful tender, and created a decimal system for U.S. currency.

A standard design for the coins was set. The coins were to have the following markings: • An impression of liberty, with the inscription "Liberty", and the year of the coinage on one side.
• On the reverse of gold and silver coins - a figure or representation of an eagle with the inscription "UNITED STATES OF AMERICA."
• The reverse of the copper coins - an inscription expressing the denomination or the face value of the coin.

This Act represents a landmark event in the economic history of the nation and has affected commerce. The Flowing Hair dollar was the first ‘dollar coin’ issued by the United States federal government in 1793-94. Prior to that cent and disme coins were used.