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The Massachusetts Bay Colony issues the first paper money in the colonies that would later form the United States.
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American Colonists issue paper currency for the Continental Congress to finance the Revolutionary War. Without solid backing and because they could be easily counterfeited, the notes becamne devalued quickly. This brought along the phrase "Not worth a Continental
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The Bank of North America in Philadelphia was chartered by the Continental Congress as the nation's first real bank, in order to give more financial support to the Revolutionary War.
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The Continental Congress adopted the dollar as the unit for national currency. At that time, private bank-note companies printed a variety of notes.
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The Federal Monetary system was established with the creation of the U.S. Mint in Philadelphia.
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The first coins were minted at the U.S. Mint in March of 1793.
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The Second Bank of the U.S is granted a 20-year charter
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With minimum regulation, 1,600 state-chartered, private banks issued paper money. State bank notes, with over 30,000 varieties in color and design, were easily counterfeited.
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On the brink of bankruptc and pressed to finance the Civil War, Congress authorized the U.S. Treasury to issue paper money for the first time in the form of non0interest bearing Demand Notes.
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Demand notes were quickly replaced with U.S. States Notes. Commonly called greenbacks because of their green tint, introduced to discourage photographic counterfeiting, They were last issued in 1971.
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Gold Certificates were issued by the Deparment of the Treasury against gold coin and bullion deposits and were circulated until 1933.
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Backed by the U.S. government securities, these became predominant. By this time, 75 percent of bank deposits were held by nationally chartered banks.
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The Department of the Treasury's Bureau of Engraving and Printing started printing all U.S. currnecy.
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The Federal Reserve Act of 1913 established the Federal Reserve as the nation's central bank. The Federal Reserve Act also provided a national banking system that is more responsive to the financial needs of the country.
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The Bureau of Engraving and printing's Western CUrrency Facility in Fort Worth, TX, begins to produce currency. This is the first facility outside of Washington, D.C., to print Federal Reseve Notes
