The History of Banking

Timeline created by chloebrdn in Business

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Event Date:	Event Title:	Event Description:
02/25/1791	"The First Bank of the United States"	The Bank was created to handle the financial needs and requirements of the central government of the newly formed United States, which had previously been thirteen individual states with their own banks, currencies, financial institutions, and policies.
04/02/1792	Coinage Act of 1792	This act was passed by the United States Congress on April 2, 1792 and established the United States Mint and regulated the coinage of the United States. This act also established the silver dollar as the unit of money in the United States, declared it to be lawful tender, and created a decimal system for U.S. currency.
12/01/1794	U.S. Mint	The Mint releases the first half dollars into circulation.
01/18/1796	Philidelphia Mint	Philadelphia Mint begins production of dimes for circulation.
09/21/1796	Coin Prodection in Philadelphia	Philadelphia Mint begins production of gold quarter eagles.
05/05/1800	U.S. Senate Passes Bill	The US Senate passes a bill seeking to abolish the Mint and contract for coinage with the Bank of the United States.
03/01/1803	House of Reps Passes Bill	The House of Representatives passes a bill to continue the Mint, as previously passed by the Senate.
03/03/1803	U.S. Mint	The President signs into law the bill extending the existence of the US Mint.
02/15/1814	Adam Eckfeldt	President James Madison appoints Adam Eckfeldt as chief coiner.
01/01/1849	Golf from California Coined	First shipment of gold from California is coined into 1,389 quarter eagles, with "CAL." punched into reverse of each coin as a distinguishing mark.
05/18/1908	"In God We Trust"	US Congress mandates that "In God We Trust" appear on all US coins.
10/27/1921	Half Dollars	The US Mint begins sales of Alabama Centennial half dollars.
04/01/1922	Peace Dollar	The US Mint releases the Peace Dollar to circulation.
12/10/1930	Bank Run	A large crowd gathered at the Southern Boulevard branch in The Bronx seeking to withdraw their money and started what is usually considered the bank run that started the Great Depression. The New York Times reported that the run was based on a false rumor spread by a small merchant, a holder of stock in the bank, who claimed that the bank had refused to sell his stock.
07/21/1932	Emergency Relief and Construction Act	The Emergency Relief and Construction Act of July 21, 1932, enlarged its power to allow for loans to state government and to farm agencies. The immediate aim was to restore confidence in financial institutions generally and encourage them to start lending again, prevent ruinous bankruptcies that would further destabilize the shaky economy, and--hopefully-- revive the economy through the restoration of credit.
06/16/1933	Glass-Steagall Act	This act seperated commercial banking from investment banking and it required bank holding companies to be examined by the Federal Reserve Board.
09/10/1950	Charge Card	Feb, Frank McNamara paid for a meal at Major’s Cabin Grill in NYC with his newly invented Diners Club card. The cardboard card was the first charge card that could be used at multiple establishments.
06/04/1963	Kennedy Grants Treasury More Power	This would have put the federal reserve out of business because they would no longer be able to collect interest on the money they would have printed. This would have eventually removed the financial and political control the international bankers had over this country.
12/01/1963	President Johnson Reverses Kennedy's Banking Rule	One of the new president's first actions in office was to reverse the new banking rule that the late President Kennedy put in place days before his assassination.
01/01/1971	No More Gold	President Nixon closed the gold window, ending convertibility of dollars to gold. This came about because the US was printing too many dollars and living beyond its means. Foreign government were not pleased.
04/17/1975	Cambodia Bank Closed	National Bank of Cambodia was closed, the banking system was totally destroyed, the National Bank of Cambodia building was ruined, and the Riel banknotes were no longer used.
04/18/1990	Operation Polar Cap	The indictments were the first phase of Operation Polar Cap, the most sweeping criminal investigation of drug-money laundering in history. Tuesday's announcement of O'Kelley's order marked a new phase of the probe that has uncovered more than $1.2 billion in illegal laundering.
01/01/1996	$100	Additional security features are added to a newly redesigned $100 Federal Reserve note. The note incorporates both familiar and new features, while remaining recognizably American. These new features are to make it even harder to counterfiet money.
01/14/1996	Currency Redesign	US currency was redesigned to incorporate a series of new counterfeit deterrents
01/01/1997	$50	The new $50 bill is introduced. The second note to be redesigned to include new security features, the reverse side also includes an enlarged number 50 in the lower right-hand corner to aid the low-vision community.
01/01/2000	More Money Redsign	The U.S. Treasury introduced redesigned $5 and $10 bills to make counterfeiting more difficult. The new notes feature oversized pictures of Abraham Lincoln and Alexander Hamilton that are slightly off-center. Other anti-counterfeiting measures include watermarks that can be seen under a light, security threads that glow when exposed to ultraviolet light and tiny printing that’s visible with the help of a magnifying glass.
08/13/2004	Assets	Three US banks exceed a trillion dollars in assets. The number of branches increases. Interest rates are low. A housing boom occurs.
09/14/2009	Rebound	The Dow rebounded off of consumer goods being sold. It is back to normal after having sales, and deals left and right after "going out of business sales."
01/01/2011	WORKS CITED	"History of Banking." Wikipedia, the Free Encyclopedia. Web. 03 Oct. 2011. . "Liberty For Life U.S. Financial Timeline." Web. 03 Oct. 2011. . "The History of Banking Timeline \| Timetoast Timelines." Create Timelines, Share Them on the Web \| Timetoast Timelines. Web. 03 Oct. 2011. .