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Continental Currency
The U.S. needed a new form of money in order for the Revolutionary war. After the war they found out that the money was to easy to confeit and so they decided to get rid of this currency. It was only around for the war and wasn't worth anything after. -
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Money and Currency
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First bank in North America
The first bank of North America was founded in 1780 in Pennsylvania. The first bank helped establish other banks and learn from their mistakes. It also gave out many loans that helped people make their own businesses. -
Second bank of America
This bank of North America and much more succesful then the first bank. It was located in Philadelphia and helped branch off into many more banks in North America. Such as, New York, Massachusetts, and also Maryland. -
End of Continental Currency
After the revolutionary war all the money that was created was worthless because there was so many bills created. They acted like a receipt for gold and silver but it didn't add up to how many bills were created. -
U.S. Constitution deals with Money
They authorize to make coins with value to them and also bills that could not be made in individual states to avoid inflation. It was a illegal and anyone that did it would be in trouble. There was nothing mentioned in the U.S. Constitution about banks. -
First bank founded under a Charter
The first bank founded under a charter was established in 1791 and was called the Bank of The United States. This bank acted as a fiscal agent towards the federal governments. It helped with collecting taxes and also created first currency in bank notes. -
Coin values
The United States established a coinage act in 1792 that stated how much gold and silver should be in each coin. That is the first time that the word "cents" came up. Which made more sense then the british measurements. -
Coins minted
The first coin mint was in Philadelphia in 1794. This means that the government created coins that were worth more than before, These coins were gold and had decorative designs on them, such as gold eagles. There were worth $10 sometimes. -
Bank Closed
The first bank was closed in 1811 due to attacks on the bank. This was a big problem in the United States because many people thought that all the other banks would close. They were scared for the protection of their money. -
Second bank
The second bank of America is granted a 20 year charter. That means that the bank will be around for 20 years no matter what because the government gave them a charter. -
State bank notes
1,600 private banks are now issusing money, but they use different colors and designs so they are easily counterfeited. Many banks failed because of all the circulation of the money that was fake, and many banks closed. -
Civil War
The civil war started and the war needed to be financed somehow and the banks were going bankrupted. Congress had to authourize the production paper money. The paper money was non interest though and it was called a demand note. -
Greenbacks
There was new money to take the place for the demand notes. They were called greenbacks because they had a greenish tint to them. They were created in order to stop the production of counterfeit money. -
Bureau started printing money
The U.S. started engraving and printing money for the whole United States. This was a big thing because all the money is now coming from one place and the prints will be the same. It got rid of all the fake money and counterfeit. -
Silver Certificates
They started to issue silver certificates in order to pay for the silver coins. This was a good idea so that they could get the coins back for dollar bills. -
Standardized BIll
In 1929, they decided to reduce the size of the bill by 25 percent. Not only did they change the size of the dollar bill they also put portraits on the front and emblems on the back. -
In God We Trust
"In God We Trust" was first put onto the dollar bill in 1957. This was put onto it because we wanted to show that religion does have a part in our life. It was good that they finally put it on there. -
Security Thread
Before the 1990 many people were counterfeiting money, and were getting away with it. Then in the 1990's they first came up with a security thread so that people couldn't counterfeit money anymore. -
Currency Redesign
Counterfeiting has still been a problem so they decided to change the design yet again to stop it. They first made changes to the 50 dollar bill. The new changes made the bills look better. -
50 State Quarters
The U.S. Treasury decided that they want to decorate quarters over a ten year period to decorate them. Over that ten years they would release 5 quarters every year.
