History of Money and Banking

Timeline created by lasher45
  • The Dutch give America a loan.

    The Dutch give America a loan.
    Dutch bankers agree to lend two million dollars to the United States.
  • Great Seal of the United States

    Great Seal of the United States
    The Great Seal of the United States was adobted.
  • The Dollar First Decimal Coinage System in the World

    The Dollar First Decimal Coinage System in the World
    For the first time in history, a nation adopted a decimal coinage system. The dollar was unanimously chosen as the money unit for the United States.
  • First Bank of the United States

    First Bank of the United States
    Congress chartered the first bank of the United States for 20 years. It's purpose was to handle the financial needs of the country as a whole. Before this each state had it's separate banks and currency.
  • Coinage Act

    Coinage Act
    Congress passes the Coinage Act, which establishes a mint and prescribes a decimal system of coinage.
  • Silver Dollar

    Silver Dollar
    First Silver Dollars released into circulation.
  • Gold Dollar

    Gold Dollar
    First Gold Dollar released into circulation.
  • First Bank of the United States Charter Expires

    Congress had only placed a 20 year charter on the First Bank of the United States. Once it had expired the bank was faced with so much opposition congress could not re-charter it. Thus the First Bank was shut down.
  • Second Bank of the United States

    Second Bank of the United States
    The War of 1812 caused the need for another national bank. Congress chartered the Second Bank for 20 years in January of 1817.
  • Second Bank of the United States goes bankrupt

    Second Bank of the United States goes bankrupt
    The charter of the Second Bank expired in 1836. However the bank continued to function as a normal state bank. It went bankrupt 5 years later.
  • Beginning of the "Free Banking" Era

    The Free Banking Era was a time when there was no central bank in the United States. Instead each state continued to use it's own banks and currency.
  • Start of the Gold Rush

    Start of the Gold Rush
    Gold was discovered at Sutter's Mill in California, marking the start of the Gold Rush.
  • First Paper Currency

    First Paper Currency
    The first United States paper currency was produced by the Treasury Department
  • End of the "Free Banking" Era

    The time of "Free Banking" had ended in 1862
  • National Bank act of1863

    National Bank act of1863
    This act provided loans to fund the Civil War along with creating a system of national banks and a unified currency.
  • Secret Service Created

    Secret Service Created
    The United States Secret Service was created to combat conter-fitting.
  • 1907 Bankers Panic

    1907 Bankers Panic
    The bankers panic is a financial crisis caused by the New York Stock Exchange falling to 50% of it's peak from the previous year.
  • Federal Reserve Act of 1913

    Federal Reserve Act of 1913
    The Federal Reserve was created in 1913 as a result of a series of extreme panics including the "Bankers Panic of 1907"
  • War Loan

    War Loan
    American bankers agree to lend Great Britain, and France five hundred million dollars. This was the largest loan in any country at the time.
  • United States Loans money to Germany

    United States Loans money to Germany
    The United States loans Germany two hundred million for reparations after the great war.
  • National Bank Fails

    The largest bank failure int he history of the nation takes place when the national bank closes in New York,
  • Debt Ceiling Raised

    Congress raises the national debt ceiling to a record high of forty nine billion dollars.
  • First Computer Installed in the Treasury Department

    The first computer is installed in the treasury department, containing 6,500 radio tubes.
  • "In God We Trust"

    The President signed a Joint Resolution declaring that the motto In God We Trust would be the national motto.
  • Money is not worth anything.

    Marked the first time in United States history that a paper currency, purportedly designated as legal tender, was not directly or indirectly redeemable in silver or gold coin or bullion
  • Period: to

    Bank Panic Increases

    Over 800 banks are closed in a two month timespan as the bank panic continues to increase.