History of Money

  • Colonial Notes

    Before and just after the Revolution, Americans were using English, French, and Spanish currency. The Massachusetts Bay Colony issued the first paper money in the colonies that would later form the United States.
  • First Currency

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

    First Bank
    This was the nations first "real" bank, mostly to give support to the revolutionary war.
  • The US Mint ACT

    The US Mint ACT
    Was congress' first use of its constitutional power regarding coinage and money. This established the coinage system of the United States, and the dollar as the official U.S. currency.
  • First Coin

    First Coin
    The first coin in the united states was issued, it was the silver dollar.
  • Free Banking Era

    Banks issued new notes that people could redeem for gold.
  • Second National Bank Expires

    Second National Bank was not renewed after 20 years.
  • Paper Currency

    Paper Currency
    The first United States paper money was issued. The had $5, $10, and $20 bills.
  • National Banking Act

    During the Civil War this act was passed and provided for nationally chartered banks, whose circulating notes had to be backed by U.S. government securities. An amendment to the act required taxation on state bank notes but not national bank notes. This created a uniform currency for the nation.
  • Counterfeit Money

    Counterfeit Money
    By the end of the civil war, about 33% of money was counterfeit. On this day the secret service was created as part of the Department of Treasury to help surpress counterfeit currency.
  • U.S. Secret Service

    U.S. Secret Service
    The U.S. Secret Service was established to stop counterfeiting.
  • 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 Banking Act

    The Banking Act
    Established the Federal Deposit Insurace Corp. (FDIC).
  • New York Clearinghouse Association Established

    New York Clearinghouse Association Established
    Allowed banks to settle accounts and exchange checks.
  • "In God We Trust"

    "In God We Trust"
    "In God We Trust" had to be printed on all currency, by law.
  • 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."
  • New $100 Note

    New $100 Note
    There are too new security features to stop counterfeiting, such as the 3D Security Ribbon and the Bell in the Inkwell.
  • New $20 Bill

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