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The Coinage Act of 1792, also known as the Mint Act or the Mint Coinage Act, was a significant piece of legislation passed by the United States Congress on April 2, 1792. This act played a crucial role in establishing the nation’s coinage system and monetary standards during its early years. Some key provisions and aspects of the Coinage Act of 1792 were the establishment of the US Mint, which

defined the dollar as a specific weight of silver
recognized both gold and silver as official forms of money
specified the weight and composition of various denominations of gold and silver coins
specified the denominations and designs of coins to be minted, including the eagle, dollar, half dollar, quarter dollar, dime, and half dime in silver, as well as various gold coins
Coins minted under the authority of this act were declared to be lawful money and legal tender for all debts, public and private, within the United States. The Coinage Act sought to regulate private coinage, making it illegal for individuals or entities to create their coins for use as currency. The Coinage Act of 1792 laid the foundation for the US monetary system and played a vital role in the development of the nation’s coinage standards. It helped establish the US dollar as a stable and recognizable currency, which was essential for economic growth and trade during the early years of the United States.