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History of Money and Banking
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New Englnad minted silver sixpence
A silver sixpence minted in colonial New England was set for auction in 2003 with an estimated value of $33-31k. -
First Paper Money
The first paper money in America was issued by the colony of Massachusetts. The currency was used to pay soldiers fighting a war against Quebec. -
Paper Money Banned
The English Parliament banned the American colonies from printing paper money. -
"$" symbol is created
Oliver Pollock, a New Orleans businessman, created the "$" symbol. -
1st US commercial bank
The 1st US commercial bank, Bank of North America, opened in Philadelphia. -
The creation of the Treasury Department
The Treasury Department, headed by Alexander Hamilton, was created in New York City. -
Half and one cent were minted
The 1st US half-cent and one cent coins were minted. -
Special minted silver dollars
Pres. Jackson had special 1804 silver dollars minted for the sultan of Muscat (later Oman) and the King of Siam (later Thailand) for trade treaties negotiated by Edmund Roberts. -
The Second Bank of the US
The Second Bank of the US was chartered. -
Re-charter of the Second Bank of the US
President Andrew Jackson vetoed legislation to re-charter the Second Bank of the United States. -
Free Banking Act
New York passed the Free Banking Act and the idea of state-chartered banks spread across the country. Each bank issued its own bills in various shapes and sizes. -
Gold Coinage Act
Gold Coinage Act authorized the $20 Double Eagle gold coin. -
3 cent coin is minted
The US minted a 3-cent piece called a trine. -
5 cent coin is minted
US Congress authorized the minting of the first five-cent piece, also known as the "Shield nickel." The Shield nickel was quite effective in replacing the half dime, as its base metal composition discouraged hoarding and caused it to circulate very widely. -
20 cent coin
Congress authorized a 20¢ coin. It lasted only 3 years. -
Over 2 million shares
New York stock exchange trading exceeded two million shares for the first time in history. -
Lincoln Penny
The 1st Lincoln head pennies were minted. It was 95% copper and was the first US coin to depict the likeness of a president. -
US Buffalo Nickel
The US buffalo nickel, also known as the Indian head nickel, went into circulation. It continued to 1938. -
Franklin Roosevelt dime
The 1st issue of Franklin Roosevelt dime. -
"In God We Trust"
Congress ordered all U.S. coins to bear motto "In God We Trust". -
The First ATM
The first recognizably automated teller machine (ATM) was placed outside the Barclays PLC branch in Enfield, a north London suburb. -
Plastic Money
Australia pioneered the use of plastic money. -
Dow industrial down more that 40 percent
On Wall Street stocks plummeted in violent spasms of selling that sent the Dow industrial down more than 40 points to a six-month low. -
The Euro
A French mint produced the first coins of Europe's single currency, the euro. -
Over 7 trillon
The US federal debt passed the $7 trillion mark. -
Ben raises the federal fund rates
The US Federal Reserve under new chairman Ben Bernanke raised its key federal funds rate by a quarter percentage point to 4.75%, in the 15th increase since June 2004. -
Paying tribute to American Presidents
A new version of the US $1 coin, paying tribute to American presidents, went into general circulation. A unknown number were mistakenly struck without their edge inscription “In God We Trust.” George Washington appeared on the first coin. -
Euro finishes above $1.50
The euro finished above $1.50 for the first time after US Federal Reserve Chairman Ben Bernanke’s testimony supported market expectations of another US rate cut. -
Interest rates at a record-low
The US Federal Reserve made clear that record-low interest rates will be around for at least a few more months.
