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The Massachusetts Bay Colony, one of the Thirteen Original Colonies, issued the first paper money to cover costs of military expeditions. The practice of issuing paper bills spread to the other Colonies.
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Congress adopted the dollar as the money unit of the United States.
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The first general circulation of paper money by the federal government occurred in 1861. Pressed to finance the Civil War, Congress authorized the U.S. Treasury to issue non-interest-bearing Demand Bills. These bills acquired the nickname "greenback" because of their color.
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The first $10 bills were Demand Bills, issued in 1861 by the Treasury Department. A portrait of President Abraham Lincoln appeared on the face of the bills.
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The Department of the Treasury's Bureau of Engraving and Printing began printing all United States currency.
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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.
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To stay ahead of currency counterfeiters, the U.S. government announces new designs to be issued. For the first time since the Series 1905 $20 Gold Certificate, the new currency will feature subtle background colors, beginning with the redesigned $20 bill in October 2003.
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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.
