Planck's constant ($ h = 6.63 \times 10^{-34}~{\rm J \cdot s} $ ) represents the smallest amount of action that is possible in a system.
Is this value simply a lower bound, or do all dynamic systems have action equal to an integer multiple of $h$?
Planck's constant ($ h = 6.63 \times 10^{-34}~{\rm J \cdot s} $ ) represents the smallest amount of action that is possible in a system.
Is this value simply a lower bound, or do all dynamic systems have action equal to an integer multiple of $h$?
It is not the smallest action possible in a system. It is the scale of quantum fluctuations in the action away from the classical path. Look into the path integral formulation of quantum mechanics; it is that formulation that leads us to conclude that the classical path is an extremum of the action - because that is the path with the fewest oscillations, and the farther from that path the more the oscillations will tend to cancel each other, averaging out.
Dimensions of Planck's constant are $$[\hbar] =\frac{ M L^2 }{ T }$$ In natural units we simply set it to $1$. Its physical significance is that it reflects the fact that we are too slow to directly experience relativistic effects in everyday life and too big to directly experience quantum effects. In a very deep sense, that's all there is to it.