U.S. Money Timeline

By paige.kromas

  • In 1811 the U.S. had aprx. 100 state banks

    In 1811 the U.S. had aprx. 100 state banks
    State banks-banks that received their charter to operate from a state government.

  • The Greenback Standard

    The Greenback Standard
    By the 1850s the paper curreny component of the money supply was badly in need of overhaul.

  • Congress authorized the printing of $60 millionn of demand notes.

    Congress authorized the printing of $60 millionn of demand notes.
    Although these notes had no gold or silver backing, they were declared legal tender--fiat currency that must be accepted in payment for debts.

  • Gold Certificates

    Gold Certificates
    Paper currency backed by gold placed on deposit with the United States Treasury.

  • Gov. forced state banks to join the National Banking System

    Gov. forced state banks to join the National Banking System
    Federal gov. placed a ten percent tax on all privately issued bank notes.

  • Silver Certificates

    Silver Certificates
    Paper currency backed by silver dollars and bullion placed on reserve with the Treasury.

  • Treasury Coin Notes

    Treasury Coin Notes
    federal government printed the fifth, and last, type of paper currency issued before the banking system was overhauled in 1913. Treasury Coin Notes-paper currency issued by the Treasury that was redeemable in both gold and silver.

  • Inconvertible Fiat Money Standard

    Inconvertible Fiat Money Standard
    A monetary standard under which the fiat money suply cannot be converted into gold or silver by its citizens.