Banking History of the U.S.

By Jeremyschlampp

  • Colonial Notes

    Colonial Notes
    Americans started using the English, Spanish, and French currencies.The Massachusetts Bay Colony created the first paper money in the colonies.

  • Continental Currency

    Continental Currency
    American colonists issued paper currency for congress to finance during the revolutionary war. However, the money didn't have a solid backing and therefor fell in value fairly quickly.

  • Nation's First Bank

    Nation's First Bank
    Congress created the Bank of North America in Philadelphia. It was known as the nation's first bank

  • The Dollar

    The Dollar
    Congress adopted the dollar as the first currency. At the time private bank-note companies printed a lot of notes.

  • U.S. Mint

    U.S. Mint
    The federal monetary system was established with the creation of the U.S. mint in Philadelphia. The frist coins were released in 1793.

  • Civil War

    Civil War
    With congress on the brick of bankruptcy the U.S. treasury issued paper money for the first time in a non-interest form.

  • In God We Trust

    In God We Trust
    Paper currency first got the words, "In God We Trust," imprinted on them. All current currency now has these words on it in the United States.

  • Security Thread and Microprinting

    Security Thread and Microprinting
    These were added to deter counterfeiting by advanced copiers and printers. The features first appeared on the $100, $50, and $20 bills in 1990. By series 1993, all of the bills except the $1 have this.