Money and Banks in the United States

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  • "Continental Money"

    "Continental Money"
    A paper currency called "Continental Money" was established by the Continental Congress in the United States. This money was to help finance the Revolutionary War. It stopped circulating on May 31, 1781.
  • Bank of North America

    Bank of North America
    The Bank of North America opens in Philadelphia. The charter was granted by Congress in 1781. This was the first operating bank in the United States.
  • Dollar

    The United States Congress adopts the dollar as the currency.
  • The First Bank of the United States

    The First Bank of the United States
    Congress charted the First Bank of the United States for twenty years. It was created to perform central bank functions for the government. Congress denied the charter after the twenty years, so it closed in 1811.
  • Coinage Act

    Coinage Act
    Congress passed the Coinage Act which created the first US mint and established a federal monetary system. This act gave coins a denomination. It also set a specific value on each coin in gold, silver, or copper.
  • Buttonwood Agreement

    Buttonwood Agreement
    The Buttonwood Agreement was created by 24 traders. They met at 68 Wall Street in New York. This was an arrangement for the buying and selling of loans and shares.
  • Stock Exchange Board

    Stock Exchange Board
    The New York Stock and Exchange Board was established. It was established by a group of New York City brokers.
  • Panic of 1819

    Panic of 1819
    The Second Bank of the United States and other banks began taking federal loans for land. Many banks closed, and loan holders became bankrupt because of this. This time was later called the Panic of 1819.
  • Free Banking Act

    Free Banking Act
    New York passes the Free Banking Act in 1838. This act allowed anyone to open a bank as long as they followed the legal conditions. Many other states followed this act after New York, and these state banks began issuing their own money.
  • Greenbacks

    This was the first general circulation of paper money by the federal government. They were to help finance the Civil War. These bills got the nickname "greenbacks" for their color. They are still redeemable at face value and valid today.
  • Federal Reserve Act

    Federal Reserve Act
    Congress passed the Fereral Reserve Act. This act stablished many different systems including: the Federal Reserve System (Fed.), the Federal Reserve Board, and twelve regional banks.
  • Black Thursday

    Black Thursday
    Black Thursday was the start of the Stock Market Crash of 1929. Stock prices fell way down. 12,894,650 shares were traded just on this day.
  • Black Monday

    Black Monday
    The Stock Market continues to crash. The stock prices keep declining. Over nine million shares are traded on this day that was later called Black Monday.
  • Black Tuesday

    Black Tuesday
    This is the worst day of the Stock Market Crash, and is later called Black Tuesday. Just on this day over 16 million shares are traded.
  • Diners Club Card

    Diners Club Card
    The Diners Club Card is first issued. This is the first charge card.
  • Credit Cards

    Credit Cards
    American Express creates its own credit card. Many other companies follow and make their own credit cards.
  • ATMs

    The National Bank of New York installs Bankographs. These are the first Automatic Teller Machines (ATM). With these in their lobbies, customers can use their credit cards, and take out money through these machines.
  • CDs

    The National City Bank of New York invents the first certificate of deposits (CD). A CD is a time deposit. They are similar to savings accounts, but they have a specific timeline.
  • "Everything" Card

    "Everything" Card
    Citibank introduces their first credit card know as teh "Everything" card. This is later coverted to the Master Charge in 1969, and is now know as a MasterCard.
  • ATMs

    Citibank creates Citicard Banking Centers. Like ATMs for the Citicard. The 24-hour ATMs are used for more than emergency cash now.