History of Money by Victoria Vandergrift

  • First Currency

    First Currency
    The "Continentals" were printed as the first type of paper money in order to finance the American Revolution. They eventually led to inflation because too many were printed and distrubuted.
  • U.S. Official Currency

    U.S. Official Currency
    The money of the United States officially became the dollar.
  • First National Bank

    First National Bank
    First Bank of United States was established in Philadelphia by the urging of Alexander Hamilton.
  • U.S. Mint

    U.S. Mint
    The Coinage Act established the U.S. Mint.
  • First National Bank Expires

    Congress did not renew the First National Bank after the 20 years was over.
  • Second National Bank

    Second National Bank voted in effect by Congress.
  • Second National Bank Expires

    Second National Bank was not renewed after 20 years.
  • Free Banking Era

    Free Banking Era
    The Free Banking Era begins. Banks issued their own notes that people could redeem for gold.
  • New York Clearinghouse Association Established

    New York Clearinghouse Association Established
    Allowed banks to settle accounts and exchange checks.
  • National Banking Act

    National Banking Act
    Nationally chartered banks were backed by the government. Uniform currency created because state bank notes were taxed and national bank notes were not.
  • U,S. Secret Service

    U,S. Secret Service
    The U.S. Secret Service was established to stop counterfeiting.
  • Aldrich-Vreeland Act

    Aldrich-Vreeland Act
    Allowed emergency currency to be issued during a crisis. It also established the National Monetary Commission.
  • Federal Reserve Act

    Federal Reserve Act
    Woodrow Wilson signed the Federal Reserve Act into law,
  • Stock Market Crash

    Stock Market Crash
    The Stock Market crashed, launching the nation into a depression.
  • The Great Depression Begins

    The Great Depression Begins
    Almost 10,000 banks failed from 1930-1933. First bank holiday was declared.
  • The Banking Act

    The Banking Act
    Established the Federal Deposit Insurace Corp. (FDIC). It also required
  • Security on Money

    Security on Money
    In order to stop counterfeiting, a security thread was printed on paper money.
  • Integrated Departments

    Integrated Departments
    The Secret Service and U.S. Department of Homeland Security are integrated in a larger attampt to control counterfeiting.
  • New $20 Bill

    New $20 Bill
    Different colors are used to print the note: blue, peach, and green.
  • New $50 Bill

    New $50 Bill
    The note now has blue and red colors, an American flag, and a silver-blue metallic star.
  • New $10 Bill

    New $10 Bill
    Has orange, yellow, and red colors, the torch of the Statue of Liberty, and "We the People."