What was the Coinage Act of 1792?

Prior to the Coinage Act of 1792, the United States did not have either a National Mint or a regulated national currency. The Coinage Act established the Mint, whose role was to print a regulated currency which would be universally accepted throughout the United States. The Coinage Act also provided for various roles within the Mint, including a treasurer, an engraver, and a Director, as well as other employees, all of whom would be required to take an oath of allegiance to the United States.
The Coinage Act also laid out specifications as to which denominations of coins should be printed by the mint, what these coins should be made of, and what they would be worth, as well as which legends should be engraved upon them. Importantly, the Coinage Act established the decimal system as a base for American currency, and the silver dollar as the core monetary unit. The value of the dollar was, under this act, tied to that of the Spanish silver dollar. You can read more from the original Coinage Act at the US Mint's site, linked below.
The Coinage Act followed soon on the heels of the establishment of the First Bank of the United States, in 1791. When this bank was established, with the goal of consolidating and stabilizing the young nation's massive national debt, it was determined that a US Mint would also be necessary in order to achieve full standardization of currency.
https://www.usmint.gov/learn/history/historical-documents/coinage-act-of-april-2-1792