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Paper money was first issued by the Massachusettes Bay Colony. Shortly after, the colonies adopted using paper money in order to buy and sell goods and services
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Benjamin Franklin was one of the first people to issue money that was hard to counterfeit. He used actual leaves to cause a raised design when it was being printed
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The British issued The Currency Act of 1764 in order to limit the money that the colonies could use that they had considered depreciated.
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Now broken away from the British and currently fighting them in the Revolutionary War, the colonist needed to finance the war somehow. They issued their own continental currency which soon lost value because it was easy to counterfeit and it had no real backing.
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The first national bank was issued and chartered for a 20 year period. The bank was in control of paying for national debts and buying and selling land with Indians and other foreign powers. Doing this was a subliminal way for the states to be dependant on the National government. In that
time, there was a constant battle between state and national powers and who was stronger. Doing this increased the National governments power greatly -
The Bank of the united states was chartered a second time by congress.
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President Andrew Jackson hated the banks and the people that ran them. Andrew Jackson was a
president that favored to the common man. He believed the banks were for the rich to run the country. After
years of campaigning, he was finally able to abolish the national bank. -
Money was issued to finance the civil war and it was printed with no preference to the confederate or union side in order to be universal to all Americans.
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United States Notes replaced the 1861 demand notes and are redeemable at face value today
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Despite what President Andrew had done, National Banks were reissued. This time, they were more
regulated by the national government and U.S. Treasury. -
The federal reserve act of 1983 had made the federal reserve the central bank for the nation.
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It is required by law for all currencies to have “In God We Trust” issued on it
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The new 100 dollar bill is issued and has many marking to prevent counterfeiting
