The History of Banking

  • "The First Bank of the United States"

    "The First Bank of the United States"
    The Bank was created to handle the financial needs and requirements of the central government of the newly formed United States, which had previously been thirteen individual states with their own banks, currencies, financial institutions, and policies.
  • Coinage Act of 1792

    Coinage Act of 1792
    This act was passed by the United States Congress on April 2, 1792 and established the United States Mint and regulated the coinage of the United States. This act also established the silver dollar as the unit of money in the United States, declared it to be lawful tender, and created a decimal system for U.S. currency.
  • U.S. Mint

    U.S. Mint
    The Mint releases the first half dollars into circulation.
  • Philidelphia Mint

    Philidelphia Mint
    Philadelphia Mint begins production of dimes for circulation.
  • Coin Prodection in Philadelphia

    Coin Prodection in Philadelphia
    Philadelphia Mint begins production of gold quarter eagles.
  • U.S. Senate Passes Bill

    U.S. Senate Passes Bill
    The US Senate passes a bill seeking to abolish the Mint and contract for coinage with the Bank of the United States.
  • House of Reps Passes Bill

    House of Reps Passes Bill
    The House of Representatives passes a bill to continue the Mint, as previously passed by the Senate.
  • U.S. Mint

    U.S. Mint
    The President signs into law the bill extending the existence of the US Mint.
  • Adam Eckfeldt

    Adam Eckfeldt
    President James Madison appoints Adam Eckfeldt as chief coiner.
  • Golf from California Coined

    Golf from California Coined
    First shipment of gold from California is coined into 1,389 quarter eagles, with "CAL." punched into reverse of each coin as a distinguishing mark.
  • "In God We Trust"

    "In God We Trust"
    US Congress mandates that "In God We Trust" appear on all US coins.
  • Half Dollars

    Half Dollars
    The US Mint begins sales of Alabama Centennial half dollars.
  • Peace Dollar

    Peace Dollar
    The US Mint releases the Peace Dollar to circulation.
  • Bank Run

    Bank Run
    A large crowd gathered at the Southern Boulevard branch in The Bronx seeking to withdraw their money and started what is usually considered the bank run that started the Great Depression. The New York Times reported that the run was based on a false rumor spread by a small merchant, a holder of stock in the bank, who claimed that the bank had refused to sell his stock.
  • Emergency Relief and Construction Act

    Emergency Relief and Construction Act
    The Emergency Relief and Construction Act of July 21, 1932, enlarged its power to allow for loans to state government and to farm agencies. The immediate aim was to restore confidence in financial institutions generally and encourage them to start lending again, prevent ruinous bankruptcies that would further destabilize the shaky economy, and--hopefully-- revive the economy through the restoration of credit.
  • Glass-Steagall Act

    Glass-Steagall Act
    This act seperated commercial banking from investment banking and it required bank holding companies to be examined by the Federal Reserve Board.
  • Charge Card

    Charge Card
    Feb, Frank McNamara paid for a meal at Major’s Cabin Grill in NYC with his newly invented Diners Club card. The cardboard card was the first charge card that could be used at multiple establishments.
  • Kennedy Grants Treasury More Power

    Kennedy Grants Treasury More Power
    This would have put the federal reserve out of business because they would no longer be able to collect interest on the money they would have printed. This would have eventually removed the financial and political control the international bankers had over this country.
  • President Johnson Reverses Kennedy's Banking Rule

    President Johnson Reverses Kennedy's Banking Rule
    One of the new president's first actions in office was to reverse the new banking rule that the late President Kennedy put in place days before his assassination.
  • No More Gold

    No More Gold
    President Nixon closed the gold window, ending convertibility of dollars to gold. This came about because the US was printing too many dollars and living beyond its means. Foreign government were not pleased.
  • Cambodia Bank Closed

    Cambodia Bank Closed
    National Bank of Cambodia was closed, the banking system was totally destroyed, the National Bank of Cambodia building was ruined, and the Riel banknotes were no longer used.
  • Operation Polar Cap

    Operation Polar Cap
    The indictments were the first phase of Operation Polar Cap, the most sweeping criminal investigation of drug-money laundering in history. Tuesday's announcement of O'Kelley's order marked a new phase of the probe that has uncovered more than $1.2 billion in illegal laundering.
  • $100

    Additional security features are added to a newly redesigned $100 Federal Reserve note. The note incorporates both familiar and new features, while remaining recognizably American. These new features are to make it even harder to counterfiet money.
  • Currency Redesign

    Currency Redesign
    US currency was redesigned to incorporate a series of new counterfeit deterrents
  • $50

    The new $50 bill is introduced. The second note to be redesigned to include new security features, the reverse side also includes an enlarged number 50 in the lower right-hand corner to aid the low-vision community.
  • More Money Redsign

    More Money Redsign
    The U.S. Treasury introduced redesigned $5 and $10 bills to make counterfeiting more difficult. The new notes feature oversized pictures of Abraham Lincoln and Alexander Hamilton that are slightly off-center. Other anti-counterfeiting measures include watermarks that can be seen under a light, security threads that glow when exposed to ultraviolet light and tiny printing that’s visible with the help of a magnifying glass.
  • Assets

    Three US banks exceed a trillion dollars in assets. The number of branches increases. Interest rates are low. A housing boom occurs.
  • Rebound

    The Dow rebounded off of consumer goods being sold. It is back to normal after having sales, and deals left and right after "going out of business sales."

    "History of Banking." Wikipedia, the Free Encyclopedia. Web. 03 Oct. 2011. "Liberty For Life U.S. Financial Timeline." Web. 03 Oct. 2011. "The History of Banking Timeline | Timetoast Timelines." Create Timelines, Share Them on the Web | Timetoast Timelines. Web. 03 Oct. 2011.