History of Money

By persecri

  • Tobacco

    Tobacco
    Tobacco begins to be used as currency in Virginia
    Barely a dozen years after its introduction to Virginia tobacco starts being used as currency and this use continues for nearly 200 years.

  • First Paper Money in West

    http://www.libertyforlife.com/banking/currency-us-timeline.html The Massachusetts Colony issued the first government authorized paper money in the western world.

  • Bank of England Established

    Bank of England Established
    First Central Bank established in the UK. Served as model for most modern central banks.

  • Paper money issued for Revolutionary war

    Paper currency called "Continental Money" is issued by the Continental Congress to finance the Revolutionary War, circulation stopped on May 31, 1781 http://dca.lib.tufts.edu/features/wriston/about/bankingtimeline.html

  • Congress Creates the First US Bank

    Congress Creates the First US Bank
    A Private Company, Partly Owned by Foreigners – to Handle the Financial Needs of the New Central Government Previously, the 13 states had their own banks, currencies and financial institutions. http://dca.lib.tufts.edu/features/wriston/about/bankingtimeline.html

  • Coinage

    Coinage
    United States issues its first coins under the Coinage Act. http://www.inspirefinanciallearning.ca/index.php/tools-videos/interactive-tools/history-of-money/

  • Bank of U.S not renewed

    Bank of U.S not renewed
    Bank of the United States' charter is not renewed
    Public opposition to British shareholders, suspicion that the bank is exceeding its constitutional powers, and opposition from those who believe that banking should be controlled by the states not the Federal government, are responsible for the demise of the bank.

  • Second Bank of U.S

    Second Bank of U.S
    The Second Bank of the U.S. was granted a 20-year charter. http://www.factmonster.com/ipka/A0774856.html

  • World wide banking crisis

    World-wide banking crisis starts in the US
    In the month of October 1,415 US banks are forced to suspend specie payments. Because of huge European, especially British, investment in the US the effects are felt on the other side of the Atlantic. In Germany many of the new idustrial banks founded in the early 1850s fail. However recovery from the crisis is rapid.

  • Change

    Change
    The Treasury Secretary is authorized to engrave and print Fractional Currency (in denominations less than one dollar) at the Treasury Department. post civil war http://www.moneyfactory.gov/historytimeline.html

  • National Bank Act signed

    President Abraham Lincoln signs the National Bank Act, a revision of the National Currency Act of 1863. It establishes an inspection system for national banks. http://dca.lib.tufts.edu/features/wriston/about/bankingtimeline.html

  • Gold Certificates

    Gold Certificates
    Gold Certificates, backed by gold held by the Treasury, are first issued. Along with Fractional Currency, Gold Certificates are one of the first currency issues produced entirely by the BEP. http://www.moneyfactory.gov/historytimeline.html

  • Postage stamps

    Postage stamps
    The printing of postage stamps by the Bureau of Engraving and Printing begins. http://www.moneyfactory.gov/historytimeline.html

  • U.S Federal Reserve

    U.S Federal Reserve
    US Federal Reserve System established
    Instead of a single central bank, like the First and Second Bank of the United States, 12 Federal Reserve districts are established each with its own reserve bank. All national banks have to become members of the system and the state banks are given conditional permission to join. Banks are also allowed to establish branches abroad. http://projects.exeter.ac.uk/RDavies/arian/amser/chrono14.html

  • WW1

    WW1
    US enters 1st World WarAs a result the national debt increases from about $1 billion in 1916 to $25 billion in 1920. http://projects.exeter.ac.uk/RDavies/arian/amser/chrono14.html

  • Stock Market Boom

    Stock Market Boom
    1928-1929 Stock Market boom in USThe Fed takes no effective action to stop the boom getting out of control. http://projects.exeter.ac.uk/RDavies/arian/amser/chrono15.html

  • Stock Market Crash

    Stock Market Crash
    The Great Crash
    The New York stock market crashes on 24 October. The Fed, whose easy money policy stoked the boom, now tightens credit causing a slump in the US economy.

  • The Great Depression

    The Great Depression
    The Great DepressionWidespread bank failures and the surviving banks' curbs on lending cause businesses of all kinds to go bankrupt. The US net national product falls by over half. http://projects.exeter.ac.uk/RDavies/arian/amser/chrono15.html

  • Morgage

    Morgage
    US Federal National Mortgage Association created
    The Association, known as Fanny Mae, increases the availability of finance for housing. http://projects.exeter.ac.uk/RDavies/arian/amser/chrono15.html

  • The Great Crash

    The Great Crash
    A fall on Wall Street reaches record levels on Friday 16 October. The same evening a hurricane sweeps over southern England and on Black Monday the London Stock Exchange suffers a similar fall to the one on Wall Street. Fearing that this crash, like the Wall Street Crash of 1929, might cause a world-wide slump the world's monetary authorities increase the money supply.