Coinage Act of 1792

The Coinage Act of 1792 (also known as the Mint Act; officially: An act establishing a mint, and regulating the Coins of the United States), passed by the United States Congress on April 2, 1792, created the United States dollar. It established its base unit as the dollar, along with the subunits cent (1⁄100 of dollar), dime (disme) (1⁄10), and mill (1⁄1000). It also established the United States Mint, and the coinage it will produce. This act declared US currency to be lawful tender, and created a decimal system of currency to replace other currencies such as British sterling and the Spanish dollar.

By the Act, the Mint was to be situated at the seat of government of the United States. The five original officers of the U.S. Mint were a Director, an Assayer, a Chief Coiner, an Engraver, and a Treasurer (not the same as the secretary of the treasury). The Act allowed that one person could perform the functions of Chief Coiner and Engraver. The Assayer, Chief Coiner and Treasurer were required to post a $10,000 bond with the Secretary of the Treasury.

The Act pegged the newly created United States dollar to the value of the widely used Spanish silver dollar, saying it was to have "the value of a Spanish milled dollar as the same is now current".