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.

Investopedia explains '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.



comments powered by Disqus
Hot Definitions
  1. Leased Bank Guarantee

    A bank guarantee that is leased to a third party for a specific fee. The issuing bank will conduct due diligence on the creditworthiness of the customer looking to secure a bank guarantee, then lease a guarantee to that customer for a set amount of money and over a set period of time, typically less than two years.
  2. Degree Of Financial Leverage - DFL

    A ratio that measures the sensitivity of a company’s earnings per share (EPS) to fluctuations in its operating income, as a result of changes in its capital structure. Degree of Financial Leverage (DFL) measures the percentage change in EPS for a unit change in earnings before interest and taxes (EBIT).
  3. Jeff Bezos

    Self-made billionaire Jeff Bezos is famous for founding online retail giant Amazon.com.
  4. Re-fracking

    Re-fracking is the practice of returning to older wells that had been fracked in the recent past to capitalize on newer, more effective extraction technology. Re-fracking can be effective on especially tight oil deposits – where the shale products low yields – to extend their productivity.
  5. TIMP (acronym)

    'TIMP' is an acronym that stands for 'Turkey, Indonesia, Mexico and Philippines.' Similar to BRIC (Brazil, Russia, India and China), the acronym was coined by and investor/economist to group fast-growing emerging market economies in similar states of economic development.
  6. Pension Risk Transfer

    When a defined benefit pension provider offloads some or all of the plan’s risk – e.g.: retirement payment liabilities to former employee beneficiaries. The plan sponsor can do this by offering vested plan participants a lump-sum payment to voluntarily leave the plan, or by negotiating with an insurance company to take on the responsibility for paying benefits.
Trading Center