the passage of the mint act was followed by the establishment in philadelphia of the mint, which by 1793 was striking cents and half cents. coinage of precious metal pieces was delayed; congress had required that the assayer and chief coiner each post a security bond of $10,000, a huge sum in those days. in 1794, congress lowered the chief coiner's bond to $5,000 and the assayer's to $1,000, and president washington's appointees to those positions were able to qualify and take office. silver coinage began that year.