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Colonial Notes
Americans used English, Spanish, and French currencies in and around the time of the American Revolution. The first paper mooney in the colonies, later formed into the United States, was issued by the Massachusetts Bay Colony. -
The Nation's First Bank
The nation's first "real" bank to igve further financial support to the Revolutionary was the Bank of North America. It was located in Philadelphia and established by the Continental Congress. -
The Dollar
The dollar was adopted as the unit for national currency by the Continental Congress. During this time, pricate bank-note companies printed a variety of notes. -
U.S. Mint
The U.S. Mint in Philadelphia was created with the establishment of the Federal Monetary System. A short year after, in 1783, the first American coins were created. -
State Bank Notes
Private bank issued paper money in rapid increse with minimum regulation. State bank notes, with a large variety of colors design, were easily counterfeited. Combined, there were multiple bank failures which caused confusion and circulation problems. -
Greenbacks
United State Notes replaced Demand Notes. They are often called "greenbacks" due to the green tint used to discourage photographic counterfeiting. They were last issued in 1971. -
National Bank Notes
National Bank Notes, which were backed by U.S. Government securities, became superior. 75 percent of bank deposits were helped by nationally charted banks by this time. While state Bank Notes were replaced, the value of currency stablized. -
Federal Reserve Act
After financial panics in 1893 and 1907, the Federal Reserve Act of 1913 was passed. This created the Federal Reserve System as teh nation's central bank. It regulated the flow of money and credit for economic stability and growth. The system was authorized to issue Federal Reserve Notes, which lead to only one U.S. currency being produced.
