The Coinage Act

 

On April 2, 1792, the United States adopted the dollar as its principal unit of currency with the promulgation of the coinage act. The act included the establishment of the US mint at the seat of the US government.

The law created U.S. eagles, dollars, dimes, cents and half denominations of each unit. The value of these coins was dependent upon the type and material used to make them. The coinage act of 1792 provided the basic framework for subsequent coinage systems not only in the US in fact across the world.

As of today, the US dollar is the official currency of the United States and territories per the US constitution since 1792. The dollar has retained its strategic importance in the world due to its status as a global currency and means of foreign exchange for other countries.