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Period: to
Evolution of Banking
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First Colonial Notes
First paper money is introduced to the colonies by the Massachusetts Bay Colony . -
Dollar Approved by Congress
The official monetary system becomes based of the dollar. -
First Bank of the United States
Established in Philadelphia, Pennsylvania and named the Bank of North America. -
Creation of US Mint
Congress passes The Coinage Act, which creates the Mint and authorized construction of a Mint building at the nation's capital, Philadelphia. -
Federal Monetary System Established.
First American coins made in 1793. -
Second Bank of the US Established in Philadelphia
Manages 25 branch offices nationwide by 1832. -
Private Banks Issue Paper Money
1,600 state-chartered, private banks issue state bank notes. -
Discovery of Gold
As the Gold Rush progresses, local banks and gold dealers issued banknotes or drafts, locally accepted paper currency, in exchange for gold. -
Civil War Begins
Congress authorizes the United States Treasury to issue paper money for the first time in the form of non-interest bearing treasury notes, called demand notes. -
Demand Notes replaced by United States Notes.
United States Notes, or Greenbacks, were last issued in 1971. -
Beginning of the Secret Service
The Department of the Treasury establishes the United States Secret Service to control counterfeits. -
First Time Lock
The first time lock is installed to prevent criminals from extracting vault information from employees and stop entry by staff at unauthorized times. -
Earthquake Devastates San Francisco
Banks destroyed, leaving the vaults heated but in tact. -
Federal Reserve System Established
Created by an Act of Congress to serve as the nation's central bank. -
Great Depression Begins
Unemployment in the US rises to 25% and internations trade plunges by 50%. An average of 70 banks fail annually. -
Uniformity of Currency
Currency is reduced in size by 25% and standardized with uniform portraits on the faces and emblems and monuments on the back. -
Franklin D. Roosevelt Declares a National Bank Holiday
In order to restore public confidence in the nation's banking system, Roosevelt calls for all nation's banks to close. -
Security Thread and Microprinting Introduced
A security thread is a thin ribbon threaded through a note's paper to prevent conterfeiting. -
Checks Gain Popularity
Checks become a new method of payment without the need to carry large amounts of money. -
"In God We Trust"
Congress requires all currency issued with the inscription "In God We Trust". All currency Series 1963 and beyond is printed with this statement. -
First ATM to Distribute Money
Called the Docuteller, the machine was installed in a wall of the Chemical Bank in Rockville Centre, New York. -
Financial Deregulation
The distinction between commercial and savings banks is virtually eliminated. -
Congress Passes FIRREA
Abolishes the independence of the savings and loan industry and transferred insurance responsibilities to the FDIC. -
50 State Quarters Program Act
Five new quarters released every year between 1999-2008. -
Redesign of $5 and $10 Bills
Oversized pictures of Abraham Lincoln and Alexander Hamilton are slightly off-center and makes conterfeiting more difficult. -
Three US Banks Exceed $3 Trillion Dollars in Assets
Number of banks increases, interest rates are lowered and a housing boom occurs. -
Check Clearing for the 21st Century Act Signed
Also called Check 21, substitues paper checks for digital images which can then be used to process checks electronically. -
Financial Services Regulatory Relief Act Signed
Designed to reduce the regulatory burdens on banks, savings and loans, and credit unions. -
Stock Market Crash
Failure of major US banks causes the Stock Market to lose 21% of its value in a week. -
Banking Act of 1933
President Roosevelt establishes the FDIC to provide deposit insurance to banks snd regulate state non-member banks
