Quality control measures were implemented in that from each separate mass of gold or silver used to produce coins, three coins were set aside by the treasurer.
Standard silver was defined as 1485 parts pure silver to 179 parts copper alloy.Īny person could bring gold or silver bullion and have it coined free of charge or for a nominal fee exchange it immediately for equivalent value of coin. Standard gold was defined as 11 parts pure gold to one part alloy composed of silver and copper. The Act defined the proportional value of gold and silver as 15 units of pure silver to 1 unit of pure gold. * The reverse of the copper coins was to have an inscription expressing the denomination. * The reverse side of each of the gold and silver coins was to have the figure or representation of an eagle with the inscription "UNITED STATES OF AMERICA." * One side was to have an impression emblematic of liberty, with the inscription "Liberty", and the year of the coinage. The coins were to contain the following markings: The Act authorized production of the following coins:Įagles.$10.247 4/8 grain (16.0 g) pure or 270 grain (17.5 g) standard gold and be paid into the treasury of the United States, thence to issue into circulation." Furthermore, "no copper coins or pieces whatsoever except the said cents and half-cents, shall pass current as money, or shall be paid, or offered to be paid or received in payment for any debt, demand, claims, matter or thing whatsoever." to be coined at the mint into cents and half-cents. be authorized to contract for and purchase a quantity of copper, not exceeding one hundred and fifty tons. The Act also stipulated that "the director of the mint. This legislation resulted in the birth of the copper cent, from which descends today's one cent piece. On An Act to Provide For a Copper Coinage was signed into law by President George Washington. Mint director David Rittenhouse laid the building's cornerstone on July 31. This was the first federal building erected under the United States Constitution. The Act also authorized construction of a mint building in Philadelphia, the nation's capital. While the first draft of the Act stipulated that all coins would employ a portrait of the president on the obverse, the final version called for an image emblematic of liberty. Essentially, it provided the basic framework on which all subsequent coinage production was based.
The Assayer, Chief Coiner and Treasurer were required to post a $10,000 bond with the Secretary of the Treasury.Īlthough some of the provisions in the 1792 Coinage Act were adjusted as time went by, the majority of the rules specified in this Act remained in effect for many decades. The Act allowed that one person could perform the functions of Chief Coiner and Engraver. Mint were a Director, an Assayer, a Chief Coiner, an Engraver, and a Treasurer (not the same as the Secretary of the Treasury). currency.īy the Act, the Mint was to be situated at the seat of government of the United States. This act established the dollar as the unit of money in the United States, declared it to be lawful tender, and created a decimal system for U.S. The long title of the legislation is An act establishing a mint, and regulating the Coins of the United States. The Coinage Act or the Mint Act, passed by the United States Congress on April 2, 1792, established the United States Mint and regulated the coinage of the United States.