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Although some of the provisions in the 1792 Coinage Act were adjusted as time went by, the majority of the rules specified in this Act remained in effect for decades. Essentially, it provided the framework for all subsequent coinage design and production. The Act called for an image emblematic of liberty as well as the word "liberty", and the year of the coinage. It further declared that on the reverse of each gold and silver coin there would also be the representation of an eagle, with the inscription, "UNITED STATES OF AMERICA". 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] The Act also authorized construction of a mint building in Philadelphia, the nation's capital at the time. This was the first federal building erected under the United States Constitution. Mint director David Rittenhouse laid the building's cornerstone on July 31.
An Act to Provide For a Copper Coinage
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On May 8, 1792, An Act to Provide For a Copper Coinage [1 Stat. 283]] was signed into law by President George Washington. It followed the precedent of the Fugio cent of 1787 in establishing the copper cent, from which descends today's one-cent piece. The Act also stipulated that "the director of the mint… be authorized to contract for and purchase a quantity of copper, not exceeding one hundred and fifty tons… to be coined at the mint into cents and half-cents… and be paid into the treasury of the United States, thence to issue into circulation." Furthermore, it said that "no copper coins or pieces whatsoever except the said cents and half-cents, shall pass current as money, or shall be paid, or offered to be paid or received in payment for any debt, demand, claims, matter or thing whatsoever". It also stated that people caught trying to knowingly pass or receive foreign copper coinage in a transaction will have it confiscated and all parties fined $10.
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The Coinage Act of 1965, Pub. L. 89–81, 79 Stat. 254, enacted July 23, 1965, eliminated silver from the circulating United States dime (ten-cent piece) and quarter dollar coins. It also reduced the silver content of the half dollar from 90 percent to 40 percent; silver in the half dollar was subsequently eliminated by a 1970 law.