Coinage Act of 1792

The Coinage Act of 1792 established the U.S. dollar as the country's standard unit of currency and created the first mint to produce coins. It defined the gold, silver, and copper coins that would be used and set their weights and values, promoting a stable monetary system. The Act also established the U.S. dollar's value in terms of specific amounts of silver and gold, allowing for a bimetallic standard. This legislation aimed to facilitate trade and commerce in the new nation, laying the foundation for the American financial system we have today.