The coinage system of the United States was established by Act of Congress in 1792, which followed closely the recommendations of Alexander Hamilton, first Secretary of the Treasury, in his report on the establishment of a mint. The principal features of this first coinage act were the adoption of the bimetallic system, of the decimal system of reckoning, and of the dollar as the unit of value. The dollar1 was adopted as the unit of value because in all the States people had become used to quoting prices in that unit and were already familiar with the Spanish milled dollar. The simplicity and convenience of the decimal system as compared with the awkward English system of reckoning in pounds, shillings and pence, led naturally to the adoption of the former. Bimetallism was adopted because that system was in use in European countries and it was believed that bimetallism would insure a larger supply of coin than would either silver or gold monometallism.