This Day in Wall Street History 1792: Minting the Mint

In drafting the United States Constitution, the Founding Fathers explicitly handed legislators in the House of Representatives the "(P)ower...To Coin Money." This mandate was borne of an understanding that the new nation would require a stable and respected currency. Treasury Secretary Alexander Hamilton took up the cause of creating a fiscal system, and set about developing plans for a national mint. Congress eventually followed Hamilton's lead and, on this day in 1792, passed the Coinage Act, which founded the Mint, as well as a decimal-based currency system. The passage of the Coinage Act touched off a flurry of activity: construction soon began on the Mint building, which was located in the nation's first capital, Philadelphia. And, President George Washington installed top astronomer and mathematician David Rittenhouse as the Mint's inaugural Director. During his tenure, Rittenhouse helped usher 11,178 copper coins into circulation; he also oversaw the initial issues of gold and silver currency.

-Source: www.history.com