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A Boston Minister named John Begin to mint his own coin out of silver for his colony. The design was simple with a punch with New england abreviated to "NE" on one side and the other side with the shilling denominator in roman numerals.
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In 1775, The Continental congress issued its own currency to try and fund the Revolutionary war. They were called continentals and were not backed by silver or gold. They were backed by a promise of tax return when the war is over or the money is obtain. It was a promisary type note. This money almost lost the colonist the war,
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No state shall mint any kind of Coin that is not Gold or silver and debts shall be paid only in Gold and Silver... No mention of Print or other metals
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Congress at time realized they need a money system to make the Newly Formed Government strong. They began making silver coinage and developed the first mint, It is believed that George Washington who lived down the street from the mint donated some of hia own Silver from his silverware set.
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The first official paper currency was developed called demand notes that came in $5 $10 and $20 bills.
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This is what is closer to what our money looks like today. Instead of printing large amounts and causing inflation, Taxes were raised.
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In 1931 the Stock Market Crashed causing the economy to go Under. This left Millions of Americans Jobless and the U,S, weak. It wasnt until 1940's that the U,S. Fully recovered.
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To help ration the nations gold and help the Economy, Frederick Delano Rosevelt made the hoarding of gold for Individuals and corporations illegal. Wedding rings and some jewelry were permitted but anything else was supposed to be turned in.
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To help rationalise Copper for the war effort (World war 2) Pennies and Nickles were made of a steel alloy. This lasted until the end of the war.
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Known as "Junk SIlver" Coins started to be produced from other metals. This was due to the U.S. running out of silver.
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President Nixon took the U.S, off of the gold standard. This was due to worry of more dollars.
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The U.S. is very deep into debt. Starting into the 1950s, the U.S. debt started to rise. today it is at $18,207,703,126,505...... in 1950, if you bought an item that was $20.00, it is now $195.95..
