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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
The money of the United States officially became the dollar. -
First National Bank
First Bank of United States was established in Philadelphia by the urging of Alexander Hamilton. -
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
The Free Banking Era begins. Banks issued their own notes that people could redeem for gold. -
New York Clearinghouse Association Established
Allowed banks to settle accounts and exchange checks. -
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
The U.S. Secret Service was established to stop counterfeiting. -
Aldrich-Vreeland Act
Allowed emergency currency to be issued during a crisis. It also established the National Monetary Commission. -
Federal Reserve Act
Woodrow Wilson signed the Federal Reserve Act into law, -
Stock Market Crash
The Stock Market crashed, launching the nation into a depression. -
The Great Depression Begins
Almost 10,000 banks failed from 1930-1933. First bank holiday was declared. -
The Banking Act
Established the Federal Deposit Insurace Corp. (FDIC). It also required -
Security on Money
In order to stop counterfeiting, a security thread was printed on paper money. -
Integrated Departments
The Secret Service and U.S. Department of Homeland Security are integrated in a larger attampt to control counterfeiting. -
New $20 Bill
Different colors are used to print the note: blue, peach, and green. -
New $50 Bill
The note now has blue and red colors, an American flag, and a silver-blue metallic star. -
New $10 Bill
Has orange, yellow, and red colors, the torch of the Statue of Liberty, and "We the People."
