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Continental Currency
Continental Currencywent through several stages of development in the colonial and post-Revolutionary history of the United States. Because few coins were minted in the thirteen colonies that became the United States in 1776, foreign coins like the Spanish dollar were widely circulated. Colonial governments sometimes issued paper money to facilitate economic activity. The British Parliament passed Currency Acts in 1751, 1764, and 1773 that regulated colonial paper money. -
First National Bank
First Natioinal Bank United States since 1863 with the name "First National Bank is a national bank chartered by the Office of the Comptroller of the Currency (OCC); since 1934 these banks are also insured by the Federal Deposit Insurance Corporation. -
Creation of the US Mint
US MintCreation of US Mint primarily produces circulating coinage for the United States to conduct its trade and commerce. The Mint was created by Congress with the Coinage Act of 1792, and originally placed within the Department of State. Per the terms of the Coinage Act, the first Mint building was in Philadelphia, then the capital of the United States; it was the first building of the Republic raised under the Constitution. -
Civil war
Civil WarCivil Waris a war between organized groups within the same nation state or republic, or, less commonly, between two countries created from a formerly united nation state.The aim of one side may be to take control of the country or a region, to achieve independence for a region, or to change government policies. -
Greenbacks
GreenBacksThe first year of the Civil War brought a great crisis to the Northern economy. Though around the country citizens used many and various paper currencies issued by banks and redeemable in specie (gold and silver), the federal government was required by law to pay its debts in specie only. The enormous costs of war borne by the government seriously depleted its reserves of gold, and the uncertainties of war were causing private citizens to hoard vast amounts of the precious metals. When the dwind -
National Bank Notes
National Banks were United States currency banknotes issued by National banks chartered by the United States Government. The notes were usually backed by United States bonds the bank deposited with the United States Treasury. -
Federal Reserve Act
Federal Reserve ActAfter the 1893 and 1907 financial panics, the Federal Reserve Act of 1913 was passed. It created the Federal Reserve System as the nation's central bank to regulate the flow of money and credit for economic stability and growth. The System was authorized to issue Federal Reserve Notes. Now the only U.S. currency produced, Federal Reserve Notes represent 99 percent of all currency in circulation. -
Standardized Design
StandarizedCurrency was reduced in size by 25 percent, and a consistent design was introduced with uniform portraits on the front and emblems and monuments on the back. -
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Creation of 1 Dollar Bill
CreationIn 1969 the $1 bill began using the new treasury seal with wording in English instead of Latin. Although experiments with paper money did occur throughout the early history of the country, they were largely unsuccessful. People, for good reason, didn't trust the notes and preferred gold and silver coin. In 1861, needing money to finance the Civil War, Congress authorized the issuance of Demand notes in $5, $10 and $20 denominations.
