The US Congress has passed a number of acts of legislation since 1792 changing the coinage of the United States. I thought it would be interesting to show some of laws that would introduce and eliminate coins throughout the years. Here is a list of some of the bigger acts:
Coinage Act of 1792
Opened the US Mint in Philadelphia.
Made the dollar the unit of money, and the decimal system for US coinage.
Authorized the following coins: Half Cent, Cent, Half Dime (Silver), Dime (Silver), Quarter (Silver), Half Dollar (Silver), Dollar (Silver), Quarter Eagle ($2.50 Gold), Half Eagle ($5 Gold) and Eagle ($10 Gold).
Coinage Act of 1834
Adopted the gold standard by making 1 ounce of gold equal to 16 ounces of silver.
Coinage Act of 1849
Introduced the Gold Dollar and the $20 Double Eagle coins.
Coinage Act of 1857
Repealed Foreign Coins as legal tender in the United States.
Eliminated the half cents and reduced the size of the cent.
Coinage Act of 1864
Introduction of the Two Cent Piece and the motto “In God We Trust”.
Coinage Act of 1873
Eliminated the Two Cent Piece, Three Cent Silver and the Half Dime.
Stopped production of the Silver Dollar. This hurt farmers and silver miners as the country was moving toward the gold standard.
Introduced the Trade Dollar to exchange with the Far East.
Bland Allison Act
The US Treasury would purchase between 2 and 4 million dollars of silver a month from western miners in an attempt to have both a silver and gold standard. They would also be able to produce more Silver Coins (which would become Morgan Dollars). President Rutherford B. Hayes vetoed the bill, but Congress overturned him. Though it passed, the President would only purchase the minimum amount.
Sherman Silver Purchase Act
Originally called the Silver Purchase Act of 1890, the US government would purchase 4.5 million ounces of silver on top of the silver from the Bland Allison Act. This helped the farmers who were deep in debt to pay their debts with cheaper money. People used the silver notes to purchase gold, depleting the gold reserve. Eventually the demand of silver notes greatly reduced, lowering the price of silver and putting people in a panic. As a result, banks failed, businesses closed, unemployment rose and the country went into an economic depression (known as the Panic of 1893). President Grover Cleveland repealed the Act in 1893, but it was too late.
Act of September 26, 1890
To amend section 3510 of the Revised Statues of the United States. Designs of coins can now be changed after 25 years without Congressional approval.
Discontinue mintage of the Three Cent Nickel and the $3 and $1 gold pieces
Gold Reserve Act
In the midst of the Great Depression, in 1933, it was decided to stop producing Just like Gold Coins and certificates and it would be against the law for US citizens to own or trade with gold.
On January 30, 1934, the Gold Reserve Act would require people to return any gold coins or certificates back to the government except for jewelry and collectible coins. It also increased the price of gold from $20.67 to $34 an ounce in an attempt to get foreign investors to sell their gold to the US. This would allow the Federal Reserve to accumulate gold, reduce taxes and over time increase the Gross National Product.
Coinage Act of 1965
The early 1960’s saw a shortage in silver. So, for the first time in US history, dimes and quarters would be clad (copper-nickel), but it was decided to keep silver in the Half Dollar but reduced the content from 90% to 40% for 5 years. Also, mint marks were remove from all coins. Congress decided to put them back in 1968 but on the obverse of coins instead of reverse before 1965.
I Hope this gives you a basic idea of US Coins Throughout the Years
There are other Congressional and Mint laws since 1792, but this at least gives you an introduction of laws that have made and changed US Coins.