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Continental Money
Banks in this period were allowed to make their own paper money, and the popularity of banking grew, By 1811 the country had 100 state banks. -
Civil War
Congress decide to print paper money because the Congress couldn't make as much money as the federal government needed. Congress authorized printing of $60 million demand notes -
Legal Tender Act
Congress passes the Legal Tender Act, which authorized the Union to print $150 million of U.S. notes. -
Silver Certificates
Government introduced silver certificates, currency back by silver dollars and bullion placed on reserve with the Treasury. The act was amended in 1886 to let silver dollars to be used as backing for new silver certificates. -
Treasury Coin Notes
Treasury coin notes, paper currency issued by Treasury that was redeemable in both gold and silver. Law was repealed in 1893. -
The Federal Reserve Notes
Paper currency issued by the Fed that eventually replaced all other types of currency, were added to the money supply. Federal Reserve notes were backed by gold in 1914 and became inconvertible fiat money after 1934 -
Paper Currency
Paper currency had the inscription of "In God We Trust"
