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The Massachusetts Bay Colony establishes the first paper currency of the colonies to fund military endeavors.
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Benjamin Franklin's printing firm in Philidelphia prints colonial bills with unique "nature" prints to prevent counterfeiting.
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Congress releases "Continental Currency" to fund the revolutionary war. (Backed up by the trust of tax revenues). No solid backing and counterfeiting created the phrase, "Not worth a continental".
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The U.S created the First National Bank of North America in Philadelphia to fund the Revolutionary War.
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In 1785, Congress officially approves the use of "dollars" as the monetary unit of currency in the United States.
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Congress charted the First National Bank Of The United States in 1791, which lasted until 1811, when Congress did not renew the charter.
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The Coinage Act of 1792 created the U.S Mint and established a monetary system, which:
-Determined demoninations for coins
-Specified the value of coins/money in gold, silver, or copper -
The first paper money of the United States came into circulation to finance the Civil War. They were named "Greenbacks" for their color.
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In 1863 congress established the First National Banking System.
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The Bureau Of Engraving And Printing began printing U.S currency.
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The Federal Reserve Act established the Federal Reserve System, (U.S central bank, which adjusted easier to a fluctuating market) and released Federal Reserve Notes.
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In 1914, the first U.S $10 reserve Notes came into circulation, (large) and proudly displayed President Andrew Jackson.
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In 1990, security threads and microprinting were introduced to bills to prevent counterfeiting, which first started on series 1990 $100 U.S bills.
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The U.S currency was redesigned to include new security designs on a new series of bills.
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In 2003 the U.S department of Homeland Security issues the Secret Service to monitor and handle counterfeiting.
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In 2004, the $50 bill is redesigned, (for further security) with new colors.
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On March 2, 2006, the $10 bill is redesigned, with a change in the Treasurer's signature, as well as colors.
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On June 29, 2006, the $5 Bill was announced to be redesigned to enhance security.
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The redesigned 2006 $5 Bill was first issued.
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Enhanced with new security features, it retains a somewhat
traditional look. -
