Coins of the United States dollar – aside from those of the earlier Continental currency – were first minted in 1792. New coins have been produced annually and they comprise a significant aspect of the United States currency system. Circulating coins exist in denominations of 1¢ (i.e. 1 cent or $0.01), 5¢, 10¢, 25¢, 50¢, and $1.00. Also minted are bullion, including gold, silver and platinum, and commemorative coins. All of these are produced by the United States Mint. The coins are then sold to Federal Reserve Banks which in turn put coins into circulation and withdraw them as demanded by the United States economy.
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Coinage of the United States in the context of Coinage Act of 1792
The Coinage Act of 1792 (also known as the Mint Act; officially: An act establishing a mint, and regulating the Coins of the United States), passed by the United States Congress on April 2, 1792, created the United States dollar as the country's standard unit of money, established the United States Mint, and regulated the coinage of the United States. This act established the silver dollar as the unit of money in the United States, declared it to be lawful tender, and created a decimal system for U.S. currency.
By the Act, the Mint was to be situated at the seat of government of the United States. The five original officers of the U.S. Mint were a Director, an Assayer, a Chief Coiner, an Engraver, and a Treasurer (not the same as the secretary of the treasury). The Act allowed that one person could perform the functions of Chief Coiner and Engraver. The Assayer, Chief Coiner and Treasurer were required to post a $10,000 bond with the Secretary of the Treasury.