US Mint Established: Standardized Currency Born
The Coinage Act of 1792 did more than create the US Mint. It established a decimal currency system based on the Spanish dollar, defined precise silver and gold content for each denomination, and made counterfeiting punishable by death. Before this law, Americans paid for goods with a chaotic mix of British pounds, Spanish reales, Dutch guilders, and various state-issued paper currencies, all trading at different exchange rates. The Act placed the first Mint in Philadelphia, then the national capital, and appointed David Rittenhouse as its first director. The system adopted the dollar sign and the 100-cent subdivision that made arithmetic simple for merchants. Jefferson and Hamilton both advocated for the decimal approach over British-style fractions.
April 2, 1792
234 years ago
Key Figures & Places
Coinage Act (1792)
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United States Mint
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Coinage Act of 1792
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Coinage Act of 1792
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United States Mint
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United States Department of the Treasury
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Alexander Hamilton
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History of the United States
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United States dollar
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Curso legal
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