The Coinage Act of 2 April 1792, establishing both a coinage system and the National Mint, was the culmination of coinage activity that had taken place in the colonies and states for many years. Although discussions of a national mint had taken place earlier and pattern coins had been produced in 1783, no legislation had been put in place for an actual coinage facility.
The coinage system established by the 1792 legislation was expressed in dollars and decimal points. The weight and fineness (metallic purity) of each denomination was also established, from the copper half cent to the gold eagle ($10). These statutory specifications remained in effect until superseded by the another law passed on 28 June 1834. In later years they were modified numerous additional times. Also, other denominations were added and branch mints were established (beginning in 1838 with facilities in New Orleans; Dahlonega, Georgia; and Charlotte, North Carolina); many other changes were made as well. However, the Coinage Act of 1792 set the stage for the coinage system as it is known today.
On 31 July 1792, a small ceremony was held in Philadelphia, then the seat of the federal government. A foundation stone for the new Mint building was laid in the presence of the Mint director, David Ritten-house, and President George Washington. By that time fifteen hundred silver half dismes (disme being the early designation for dime) had been struck on the request of Thomas Jefferson, using Mint equipment set up temporarily in the workshop of John Harper.
On 2 April 1992, a special bicentennial observance of the original Coinage Act was held. The location was the Philadelphia Mint (by then in a modern building occupied in 1967). Displays and historical discussions were part of the observance.