Timeline

History of Money and Banking

Timeline created by lasher45 in Business
Event Date: Event Title: Event Description:
Deutschland reisen The Dutch give America a loan. Dutch bankers agree to lend two million dollars to the United States.
Us greatseal obverse600px Great Seal of the United States The Great Seal of the United States was adobted.
2954370 abstract of the new u s dollar coin on dollar bills with narrow depth of field 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%20bank 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.
Us coins Coinage Act Congress passes the Coinage Act, which establishes a mint and prescribes a decimal system of coinage.
1921 morgan dollar chapman obv Silver Dollar First Silver Dollars released into circulation.
Gold dollar coin Gold Dollar First Gold Dollar released into circulation.
Timeline 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%20bank 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.
Bankruptcy 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.
Timeline 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.
Miner Start of the Gold Rush Gold was discovered at Sutter's Mill in California, marking the start of the Gold Rush.
Onedollar First Paper Currency The first United States paper currency was produced by the Treasury Department
Timeline End of the "Free Banking" Era The time of "Free Banking" had ended in 1862
Congress 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 agent Secret Service Created The United States Secret Service was created to combat conter-fitting.
Bankers%20panic 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.
Congress 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%20loan 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.
Us%20loans%20money%20to%20germany United States Loans money to Germany The United States loans Germany two hundred million for reparations after the great war.
Timeline National Bank Fails The largest bank failure int he history of the nation takes place when the national bank closes in New York,
Timeline Debt Ceiling Raised Congress raises the national debt ceiling to a record high of forty nine billion dollars.
Timeline First Computer Installed in the Treasury Department The first computer is installed in the treasury department, containing 6,500 radio tubes.
Ingodwetrust "In God We Trust" The President signed a Joint Resolution declaring that the motto In God We Trust would be the national motto.
Timeline 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
Timespan Dates: Timespan Title: Timespan Description:

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