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The Coinage Act of 1792 established the Mint of the United States, and made both gold and silver legal tender. This meant that anyone could present bullion at the Philadelphia Mint and receive it back, struck into coins. The 1792 act authorized six silver coins, in value from five cents to a dollar, and prescribed their weights and fineness.
The penny, also known as the cent, is a coin in the United States representing one-hundredth of a dollar.It has been the lowest face-value physical unit of U.S. currency since the abolition of the half-cent in 1857 (the abstract mill, which has never been minted, equal to a tenth of a cent, continues to see limited use in the fields of taxation and finance).
Although still legal tender, most are in the hands of collectors and museums. The reverse designs featured abstract scroll-work with ornate denomination identifiers. With the exception of the $100,000 bill, these bills ceased production in the 1940s, and were recalled in 1969.
The Quarter-Dollar, Half-Dollar and Dollar coins were issued in the copper 91.67% nickel 8.33% composition for general circulation and the Government issued six-coin Proof Set. A special three-coin set of 40% silver coins were also issued by the U.S. Mint in both Uncirculated and Proof.
On the reverse of the copper coins, there express the denomination of the coin as one-cent or half-cent. [4] The Act specified the issuing of three gold coins comprising a $10 gold coin called an "eagle", a $5 coin called a "half eagle", and a $2.5 coin called a "quarter eagle". [5]
First authorized by the Coinage Act of 1792 on April 2, 1792, [1] the coin was produced in the United States from 1793 to 1857. The half-cent piece was made of 100% copper and half of a cent, or one two-hundredth of a dollar (five milles).
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