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Rhode Island's paper money rendered worthless by hyperinflation
Many of the British colonies in North America have over-issued notes causing inflation but Rhode Island is the worst. -
Continental Money
Paper currency called "Continental Money" is issued by the Continental Congress to finance the Revolutionary War, circulation stopped on May 31, 1781 -
Period: to
Follow the Money
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Bank of Pennsylvania founded
This is the first American bank to be established since the declaration of independence from Britain. It is basically a temporary means of raising funds for the American army which is in a desperate financial situation. -
US Constitution gives Congress power over money creation
The States are not allowed to coin money, issue bills of credit or make anything except gold and silver legal tender. -
The First Mint Was Established
The United States Mint primarily produces circulating coinage for the United States to conduct its trade and commerce. The Mint was created by Congress with the Coinage Act of 1792 -
Number of banks in the US reaches 29
Their number has increased from just 4 in 1790, despite fears that the Bank of the United States would enjoy monopoly powers preventing the rise of new banks -
US Coinage Act
This makes a slight reduction in the value of silver relative to gold in order to encourage more gold to be brought to the mint. However, it hastens the disappearance of much of the remaining silver in circulation. -
In God We Trust
The use of the National Motto In God We Trust on all currency has been required by law since 1955. It first appeared on paper money with the issuance of the $1 Silver Certificates, Series 1957, and began appearing on Federal Reserve Notes with the 1963 Series. -
Design
the design of U.S. currency incorporated fine-line engraving, intricate geometric lathe work patterns, a Treasury seal, and engraved signatures to aid in counterfeit deterrence. Since that time, the U.S. Treasury has continued to add features to thwart counterfeiting. -
US National Bank Act
This amends and expands the provisions of the Currency Act of the previous year. Any group of five or more persons are allowed to set up a bank, subject to certain minimum capital requirements. As these banks are authorized by the Federal, not the State governments, they are known as national banks. To secure the privilege of note issue they have to buy government bonds and deposit them with the Comptroller of the Currency. -
Lincoln Signs the National Bank Act
President Abraham Lincoln signs the National Bank Act, a revision of the National Currency Act of 1863. It establishes an inspection system for national banks -
US Gold Standard or Currency Act
The great increase in America's stock of gold leads to abandonment of bimetallism. The act also halves the minimum capital requirement for the smallest national banks, thus stimulating an increase in their numbers, and raises the limitations on the issue of notes. -
Color Background
The last United States paper money printed with background color was the $20 Gold Certificate, Series 1905, which had a golden tint and a red seal and serial number. -
Number of banks in the US have increased by over 19 times
During the same period bank numbers fall in other advanced countries but in the US a peak of nearly 30,000 is reached in 1921. -
The Great Depression Begins
Widespread bank failures and the surviving banks' curbs on lending cause businesses of all kinds to go bankrupt. The US net national product falls by over half. -
Credit Cards
American Express launches its own credit card, and other companies quickly follow -
Depository Institutions Deregulation and Monetary Conrol Act
President Jimmy Carter signs the Depository Institutions Deregulation and Monetary Control Act. The Act establishes reserve requirements for all banks including ones not in the Federal Reserve System. It also begins phasing out Regulation Q which dictates what banks can pay on deposits; and it authorizes savings and loans associations to issue credit cards among other rights. Finally, it exempted mortgage and other types of loans from state usury laws -
Counterfeit Money Deterrants
In the first significant design change in 67 years, United States currency was redesigned to incorporate a series of new counterfeit deterrents. The new bills were issued beginning with the $100 bill in 1996, followed by the $50 in 1997, the $20 in 1998 and the $10 and $5 bills in 2000. The Bureau of Engraving and Printing announced that new designs would be undertaken every 7-10 years to stay ahead of currency counterfeiters. -
U.S. Government Issues Redesigned $50 Bill
The currency redesigns continue with the $50 bill, which was issued on September 28, 2004. Similar to the redesigned $20 bill, the redesigned $50 bill features subtle background colors and highlights historical symbols of Americana - specific to the $50 bill are background colors of blue and red, and images of a waving American flag and a small metallic silver-blue star. -
The New $100 bill
Officials from the U.S. Department of the Treasury, the Federal Reserve Board and the United States Secret Service unveiled the new design for the $100 note on April 21. Complete with advanced technology to combat counterfeiting, the new design for the $100 note retains the traditional look of U.S. currency.
