The Coinage Act Of 1792


DEFINITION of 'The Coinage Act Of 1792'

Regulation passed by Congress on April 2, 1792 that established the U.S. Mint. The law also established the U.S. coinage system and placed the mint at the seat of the U.S. government. The law created U.S. eagles, dollars, dismes and cents, and half-denominations of each unit; the value of each of these coins was dependent on the type (gold, silver, copper) and amount of material used to make them.

BREAKING DOWN 'The Coinage Act Of 1792'

The Coinage Act of 1792 was more commonly known as the Mint Act. This act also created five officers of the mint, including a director, an assayer, a chief coiner, an engraver and a treasurer (not to be confused with the Secretary of the Treasury, a wholly separate entity). This act laid the foundation for the modern U.S. currency and is still in effect today, albeit with many modifications over the past two-plus centuries.

  1. Mint Ratio

    1. The price of an ounce of gold divided by the price of an ounce ...
  2. Gold Reserve Act Of 1934

    An act that took away title to all gold and gold certificates ...
  3. Mint

    The primary producer of a country's coin currency. The mint has ...
  4. Troy Ounce

    A unit of measure for weight that dates back to the Middle Ages. ...
  5. Gold Standard

    A monetary system in which a country's government allows its ...
  6. Novation

    1.The act of replacing one participating member of a contract ...
Related Articles
  1. Investing

    Spot Hotshot Penny Stocks

    Don't flip a coin to find your next investment.
  2. Investing Basics

    8 Gifts For Financial Geeks

    Put one of these unique offerings under someone's tree this year.
  3. Credit & Loans

    The Evolution Of Banking

    Banks are a part of ancient history. Find out how this system of money management developed into what we know today.
  4. Budgeting

    The Gold Standard Revisited

    Think the value of gold is unshakable? Read this chronicle of its rise and fall.
  5. Investing Basics

    What are the fiduciary responsibilities of board members?

    Find out what fiduciary duties a board of directors owes to the company and its shareholders, including the duties of care, good faith and loyalty.
  6. Investing News

    What Affirmative Action Means for Businesses

    A look at what Affirmative Action means for your business.
  7. Investing

    Protect Your Creations--Register Your Trademark

    Federally registering your brand name or logo offers the broadest protection against potential trademark infringement.
  8. Retirement

    5 Investments You Can’t Hold In An IRA

    Tax-deferred retirement accounts can hold a vast array of investments, but a few are not permitted. Here are five of the more notable exclusions.
  9. Entrepreneurship

    Hiring? Regulations Small Businesses Need to Know

    When a small business becomes an employer, it has new responsibilities. Make sure you familiarize yourself with regulatory requirements.
  10. Economics

    China's Former One-Child Policy Explained

    A look at China's former plan to control population growth.
  1. Are UTMA accounts escheatable?

    Like most financial assets held by institutions such as banks and investment firms, UTMA accounts can be escheated by state ... Read Full Answer >>
  2. Can the IRS audit you after a refund?

    The U.S. Internal Revenue Service (IRS) can audit tax returns even after it has issued a tax refund to a taxpayer. According ... Read Full Answer >>
  3. How does escheatment impact a company?

    In recent years, state governments have become increasingly aggressive in enforcing escheatment laws. As a result, many businesses ... Read Full Answer >>
  4. What happens if property is wrongfully escheated?

    If your financial accounts, such as bank, investment or savings accounts, are declared dormant and the managing financial ... Read Full Answer >>
  5. How do financial advisors help you avoid escheatment?

    Financial advisors can help you avoid the escheatment of your financial assets by regularly reviewing all of your accounts, ... Read Full Answer >>
  6. Are 401(k) accounts escheatable?

    Typically, 401(k) plans are not subject to state escheatment laws because they are covered under the Employee Retirement ... Read Full Answer >>

You May Also Like

Hot Definitions
  1. Black Friday

    1. A day of stock market catastrophe. Originally, September 24, 1869, was deemed Black Friday. The crash was sparked by gold ...
  2. Turkey

    Slang for an investment that yields disappointing results or turns out worse than expected. Failed business deals, securities ...
  3. Barefoot Pilgrim

    A slang term for an unsophisticated investor who loses all of his or her wealth by trading equities in the stock market. ...
  4. Quick Ratio

    The quick ratio is an indicator of a company’s short-term liquidity. The quick ratio measures a company’s ability to meet ...
  5. Black Tuesday

    October 29, 1929, when the DJIA fell 12% - one of the largest one-day drops in stock market history. More than 16 million ...
  6. Black Monday

    October 19, 1987, when the Dow Jones Industrial Average (DJIA) lost almost 22% in a single day. That event marked the beginning ...
Trading Center