The History of Banking

  • Paper Money

    Paper Money
    Paper money was first issued by the colonies in the late 1600's and was used to pay the cost of military attacks on Canadian colonists.
  • Colonial Notes

    Colonial Notes
    The Massachusetts Bay Colony, one of the Thirteen Original Colonies, issues the first paper money to cover costs of military expeditions. The practice of issuing paper notes spread to the other Colonies
  • Franklin's Unique Counterfeit Deterrent

    Franklin's Unique Counterfeit Deterrent
    Benjamin Franklin's printing firm in philadelphia printed colonial notes with nature prints--unigue raised impressions of patterns cast from actual leaves. This process added an innovative and effective counterfeit detterent to notes, not completely understood until centuries later.
  • British Ban

    British Ban
    Following years of retrictions on colonial paper currency, Britain finally ordered a complete ban on the issuance of paper money by the Colonies.
  • Continental Currency

    Continental Currency
    The Continental Congress issued paper currency to finance the Revolutionary War. Continental currency was denominated in Spanish milled dollars. Without solid backing and easily counterfeited, the notes quickly lost their value, giving rise to the phrase "not worth a Continental."
  • The Bank Of North America

    The Bank Of North America
    Congress chartered the Bank of North America in Philadelphia as the first national bank, creating it to support the financial operations of the fledgling government.
  • The Dollar

    The Dollar
    Congress adopted the dollar as the money unit of the United States.
  • coin system

    coin system
    A law passed in 1793 made these foreign coins a legal part of the U.S. coinage system, but things were still very confusing.
  • U.S. Treasury Department

    U.S. Treasury Department
    In 1861 the U.S.Treasury Department issued its first notes called greenbacks. These were issued to help pay the cost of the Civil War (1861-1865), but they could not be exchanged for gold or silver and they lost much of their value
  • First $10 Notes

    The first $10 notes were Demant Notes, issuedin 1861 by the Treasury Department. A portrait of President Abraham Lincoln appeared on the face of the notes.
  • National Banks Act

    National Banks Act
    In l863 and l864 a system of national banks was set up by the National Banks Act.