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US Money History

By abbiewalton.gr

  • 1811

    1811
    The country had over 100 state banks because of their popularity.

  • 1850

    1850
    Paper currency was in bad need of an overhaul. There were too many different types of money.

  • 1861

    1861
    Congress authorized the printing of $60 million of demand notes.

  • 1862

    1862
    Congress passed the Legal Tender Act, which authorized the Union to print $150 million of U.S notes.

  • 1865

    1865
    The Federal Government forced state banks to join the National Banking system by placing a 10 percent tax on all privately issued bank notes.

  • 1878

    1878
    The government introduced silver certificates, which were paper currency backed by silver dollars.

  • 1882

    1882
    The government began printing gold certificates in smalled denominations for public use.

  • 1900

    1900
    Congress passed the Gold Standard Act, which fixed the price of gold at $20,67 an ounce.