![]() ![]() The pure copper coins of one cent and half-cent were the final two denominations in the coinage series. The standard for coinage established by Alexander Hamilton was based on a gold standard eagle ($10), half eagle and quarter eagle, silver coins of one dollar, half dollar, quarter dollar, dime (spelled "disme" at the time) and half dime (5 cents). The bill to actually follow through was passed on April 2, 1792. It is believed this was a Benjamin Franklin design.Ĭongress passed a resolution on March 3, 1791, to build and operate a federal mint in Philadelphia. The first federally authorized coinage, the Fugio Cent, was privately minted in 1787 under contract with the Continental Congress. Some states issued their own coinage which often circulated across state lines. Rom 1776 to 1791, the United States relied on a mishmash of coinage and paper money to facilitate commerce.
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