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The Continental Congress adopted the dollar as the unit for national currency. At that time, private bank-note companies printed a variety of notes.
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By 1811 the country had about 100 state banks- banks that recieved their charter to operate from a state government
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Congress authorized the printing of $60 million of demand notes,
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The government issued gold certificates- paper currency backed by gold placed on deposit with the United Sates Treasury.
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National Bank Notes, backed by U.S. government securities, became predominant. By this time, 75 percent of bank deposits were held by nationally chartered banks. As State Bank Notes were replaced, the value of currency stabilized for a time.
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The government introduced silver certificates- paper currency backed by silver dollars and bullion placed on reserve with the Treasury. The were modeled after highly popular gold certificates.
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Congress passed the Gold Standard Act, fixing price of gold at $20.67 an ounce. For the first time, the United Staes was on a gold standard- a monetary standard under which the basic currency unit is equal to, and can be exchanged for, a specific amount of gold.
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The program is scheduled to run from 1999 until 2008, with five new quarters released every year over ten years. The 50 new quarters will feature a design that honors each state's unique history and tradition. The quarters are being released in the order that the states joined the union.
