The Coinage Act of 1792 established the United States' monetary system and created the U.S. Mint. It defined the dollar as a specific weight of silver and set standards for coins, including gold and copper. This act aimed to create a stable currency and facilitate trade within the growing nation. Additionally, the act established the role of the Secretary of the Treasury in overseeing coin production and set penalties for counterfeiting. It marked the beginning of a standardized currency system in the U.S., which helped to unify the economy and promote confidence in the nation's financial system.