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At this time, right after the Revolutionary War, America did not have its own curremcy. Americans used English, Spanish and French currencies. The first paper money was issued by the Massachusetts Bay Colony.
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American colonists issued the first paper money. They did this to help finance the Revolutionary War. The paper money was soon devalued because the money was easily copied and counterfeited.
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America was founded. America used to be ruled by England. On this day America became independent from England.
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The consitiution was adopted. Congress chartered the first bank of the U.S. Congress authorized this bank to issue paper bank notes. This greatly simplified banking.
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The first US bank was established. Its main office was in Philadelphia. It had 8 total branches.
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The Federal Monetary System was established. The US mint was established in Philadelphia. The US mint creates and circulates all US coins.
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The Second Bank of the U.S. was granted a 20-year charter. The headquarters was in Carpenters Hall, Philadelphia. It had branches throughout the nation.
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Minimum wage was regulated. Many banks issued paper money. State bank notes were issued in 30,000 varieties. This made them easily counterfeited.
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Only state charter banks existed. During this time banks were relatively short lived. They only lasted for an average of 5 years, These banks were not stable.
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Congress was on the brink of bankruptcy and pressed by the Civil War. Congress authorized the US treasury to issue paper money. They were called demand notes.
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Demand Notes were replaced by United States Notes.They were commonly called greenbacks. They were called greenbacks because the green tint prevented counterfeiting.
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Created a system of national banks that had higher standards than state banks. Created a uniform national currency, All national banks are required to accept eachothers money.
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The design of U.S. currency had a treasury seal. It had fine lines so that it would be diffucult to counterfeit. It had intricate designs and red and blue fibers. It also had fine cotton and linen.
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Gold Certificates were issued by the Department of the Treasury against gold coin and bullion deposits and were circulated until 1933.
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Secret Service The Department of the Treasury established the United States Secret Service to control counterfeiting. At that time, one-third of all circulating currency was estimated to be counterfeit.
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National Bank Notes, backed by U.S. government securities, became popular. At this time, 75% of bank deposits were held by nationally chartered banks. As State Bank Notes were replaced, the value of currency stabilized for a time.
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The Department of the Treasury's Bureau of Engraving and Printing started printing all U.S. currency.
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The Federal Reserve Act was passed. The Federal Reserve System regulated the flow of money and credit. The System was authorized to issue Federal Reserve Notes.
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Currency was reduced in size by 25 percent, and a consistent design was introduced with uniform portraits on the front and emblems and monuments on the back.
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Paper currency was first issued with the inscription “In God We Trust” in 1957. The inscription appears on all currency Series 1963 and later.
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The Secretary of the Treasury announced that U.S. currency would be redesigned. The newly designed $100 was introduced in 1996, the $50 in 1997, and the $20 in 1998. The new $50 was the first to have a low-vision feature, a large dark numeral on a light background on the lower right corner of the back, to help people with low vision identify the denomination.
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