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State Banks!
By 1811 the United States had about 100 state banks, which are banks that recieved their charter to operate from a state government. -
Printing of Demand Notes
In 1861, Congress authorized the printing of $60 million of demand notes. These has no gold or silver backing, but they were still declated legal tender. -
Legal Tender Act
in 1862, the Legal Tender Act, authorizing the Union governemtn to print $150 million of United States notes, a new federal fiat currency that also had no gold or silver backing. The notes were also called Greenbacks. -
Silver Certificates
In 1878, the government inroduced Silver Certificates which are paper currency that ARE backed by silver dollars. They were modeled after gold certificates, but were really designed to prop up sagging silver pricesfor silver minors. -
5th Paper Printed
The government printed the 5th and last, type of paper currency issued before the banking system was over hauled in 1913 -
Gold Standard Act
Congress passed the Gold Standard Act, fixing the price of gold at $20.67 an ounce. For the first time, United States was on a gold standard. -
Flat Standard
Since 1934 the United States has been on an inconvertible flat money standaed, a standard under which the flat money supply can not be converted into gold or silver by its citizens.
