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Coins
From 1776 until 1778, many coins in the early US depicted codfish on them. -
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US Econ. Institutions
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Nations First Bank
During the Revolutionary War, the Continental Congress chartered the Bank of North America in Philadelphia. It was the nations first real bank. They offered financial support while people were in need during the war. -
The Dollar
The Continental Congress determined the official monetary system would be based on the dollar -
First U.S Bank
Congress chartered the first bank of the US until 1811. Congress also gave the bank permission to issue paper bank notes to eliminate trade and simplify trade. -
Monetary System
The federal monetary system was established with the creation of the US mint in Philadelphia. The first US coins were struck in 1793. -
Second US Bank
The second bank was chartered for twenty years until 1836. -
State Bank Notes
With very minimum regulation, there were 1,600 local state-chartered, private banks issuing paper money.
With over 30,000 varieties in color of paper and ink, counterfeit money was all over. There was a lot of confusion. -
Civil War
On the brink of bankruptcy and pressed to finance the Civil War, Congress authorized the United States Treasury to issue paper money for the first time in the form of non-interest bearing Treasury Notes called Demand Notes. -
Greenbacks
Demand Notes were replaced by United States Notes. Commonly called "Greenbacks," they were last issued in 1971. The Secretary of the Treasury was empowered by Congress to have notes engraved and printed, which was done by private banknote companies. -
The Design
The design of U.S. currency incorporated a Treasury seal, the fine line engraving necessary for the difficult-to-counterfeit itaglio printing, intricate geometric lathe work patterns, and distinctive linen paper with embedded red and blue fibers. -
Secret Service
The Department of the Treasury established the United States Secret Service to control counterfeits, at that time amounting to one-third of circulated currency. -
Gold Certificates
Gold Certificates were issued by the Department of the Treasury against gold coin and buillion deposits and were circulated until 1933. -
Silver Certificates
The Department of the Treasury was authorized to issue Silver Certificates in exchange for silver dollars. The last issue was in the Series of 1957. -
Currency Production Consolidated
The Department of the Treasury's Bureau of Engraving and Printing assumed all currency production functions, including engraving, printing, and processing -
Federal Reserve Act
After 1893 and 1907 financial panics, the Federal Reserve Act of 1913 was passed. It created the Federal Reserve System as the nation's central bank to regulate the flow of money and credit for economic stability and growth. The system was authorized to issue Federal Reserve Notes, now the only U.S. currency produced and 99 percent of all currency in circulation. -
Standardized Design
Currency was reduced in size by 25 percent and standardized with uniform portraits on the faces and emblems and monuments on the backs. -
Black Tuesday
This is the day the New York Stock Market crashed to an all time low. This signaled the start of the Great Depression. -
"In God We Trust"
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. -
Security Thread and Microprinting
A security thread and microprinting were introduced, first in $50 and $100 notes, to deter counterfeiting by advanced copiers and printers. -
Redesigning of the $5 and $10 bills
The U.S Treasury introduced new and redesigned $5 and $10 bills in order to make counterfeiting money much more difficult. The new bills have oversized pictures of Abe Lincoln and Alexander Hamilton that are slightly off center.
