The Mint Act of 1792 established the United States' first national mint and created a standardized currency system. It defined the dollar as a unit of money, based on a specific weight of silver, and allowed for the minting of both gold and silver coins. This act aimed to provide a stable and uniform currency for the growing nation. Additionally, the act set the legal framework for coin production and established the U.S. Mint as the authority responsible for minting coins. It also defined penalties for counterfeiting, ensuring the integrity of the new monetary system.