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History of Money and Banks in the U.S.
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First Bank was Created
The Continental Congress created the Bank of North America in Philadelphia as the nation's first “real” bank to give further financial support to the Revolutionary War. -
The Dollar
The Continental Congress adopted the dollar as the unit for national currency. At that time, private bank-note companies printed a variety of notes. The dollar made a standard system for everyone. -
The Mint Act of 1792
Congress noticed that they needed a currency system after they won the Revolutionary War. This system was more advaced than the current system that the U.S. had adopted from spain. -
Coinage Act of 1792
The coinage act led by Alexander Hamilton establish the dollar. -
Continental Currency
The first issue of Continental Currency was authorized by the Congress. -
First Coin Was Created
The first coin in the United States was issued; it was a silver dollar. -
Free Banking
State-chartered banks and unchartered “free banks” took hold during this period, issuing their own notes. These notes were redeemable in gold or specie. Banks also began offering demand deposits to enhance
commerce. -
The Gold Rush
Gold was discovered in California. As word spred to the east everyone migrated to California. This migration is known as the "Gold Rush". -
Greenbacks
On February 25, 1862, Congress passed the first Legal Tender Act, which authorized the printing of $150 million in Treasury notes. The bills were printed on only one side with green ink and soon became known as "greenbacks". They proved to be universally popular and remarkably sound. -
First Paper money
The US Department of the Treasury first issued paper US currency to make up for the shortage of coins and to finance the US Civil War. The first paper notes printed in the United States were broken down into 1 cent, 5 cents, 25 cents, and 50 cents bills. -
National Banking Act
During the Civil War the National Bank Act of 1863 was passed.This created national banks, Which issued circulating notes that had to be backed by U.S. government securities. This also added a taxation on the National Bank Notes. -
The Secret Service
The United States Secret Service was created to to find counter-fit money. The Secret Service made if harder for counter-fitters to make there money. -
Second Bank
The second Bank of the United States is opened. The bank suffered from serious mismanagement and outright fraud. The bank was run by Nicolas Biddle who paid bribes to politicians for supporting the bank -
First Commemorative Coin
The first US commemorative coin was produced, featuring Christopher Columbus -
Federal Reserve Act
The Federal Reserve System was used as a centeral bank to control the money flow in the U.S. This provided stability for the economey and allowed growth. -
Debt Crisis
Congress raises the national debt ceiling to a record high of forty nine billion dollars. This is scared a lot of people, because this was more debt that anyone had ever seen. -
Trusting In God
Paper currency was first issued with "In God We Trust" as required by Congress in 1955. The inscription appears on all currency Series 1963 and beyond. -
Gold
The official U.S. gold rate was raised from $35 per ounce to $38 per ounce. -
Redesign
Like the redesigned $20 and $50 bills, the redesigned $10 bill features subtle shades of color and symbols of freedom - specific to the $10 bill are background colors of orange, yellow and red along with images of the Statue of Liberty's torch and the words We the People from the United States Constitution. -
100 Dollar Bill
Complete with advanced technology to combat counterfeiting, the new design for the $100 note retains the traditional look of U.S. currency.
