Coins

Establishing a Monetary System

The Supreme Law of the Land Article 1, Section 8

The U.S. Constitution gave Congress the authority to coin money and regulate its value.

The only lawful money recognized by the Constitution is defined as "coin," specifically silver and gold coin. Article 1. Section 10

Congress passed the Coinage Act of 1792, declaring the U.S. dollar to be a coin containing 412.5 grains of standard silver

Half dollars, quarters, and dimes were also minted, containing proportional amounts of silver.

The Constitution and Coinage Act made no provision for paper money.