The first national bank was created. It was located in Philadelphia and called "Bank of North America".
The government decided that the dollar would be the currency of the United States of America.
The Coinage Act
The government made the Coinage Act of 1792. It made the US Mint. It also determined how much each coin is worth compared to gold, silver or copper. It also determined the types of coins that would be used.
The US started using paper money. The money was green. Paper money was used to finance the Civil War. Ten dollar bills were made with a picture of Abraham Lincoln on them.
The design of the bills became more complicated to stop people from making counterfeit money.
National Banking System
A national banking system was created. The Treasury began to monitor the issuing of banknotes. The government began to regulate banks and allowed banks to give out money.
The Secret Service was created to prevent counterfeiting.
Us Burea of Engraving and Printing
The US Burea of Engraving and Printing started making all of the US' money.
The Federal Reserve Act established a central banking system through the Federal Reserve that could adapt as the economy changed.
Changes in Design
The government began printing bills in a smaller size because they were less expensive to produce. All of the currency would have a similar design so it would be easier for people to tell which bills were legitmate and which ones weren't.
Bills were printed featuring the motto "In God We Trust".
More Features to Prevent Counterfeiting Added to the Currency
Bills were produced with security thread and microprinting so they could not be reproduced using copiers and printers
Bureau of Engraving and Printing decided that new bill designs would be created every seven to ten years to make creating counterfeit money more difficult.
Homeland Security became involved in the prevention of creating counterfeit money.
Different Design Created for the $20 Bill
The government created a new design for the $20 bill. It had green, peach and blue background colors. The design featured a picture of an eagle as well.
Differernt Design for the $50 Bill
A new design for the $50 bill was created. It had red and blue background colors. It featured pictures fo an American flage and a star.
New Design Created for the $10 Bill
A new desgin for the $10 bill was created. Changes included the letter "A;, the treasurer's signature, different background colors, the statue of liberty's torch, and the bills said "We the People" on them.
Redesigned $5 Bill
The government decided that a new $5 bill should be created. The new bill would help prevent counterfeiting and create more secure currency.
New $5 Bills Issued
The new bills had the security features that were created in the 1990's. It became easier to distinguish real $5 bills from counterfeit ones.
New $100 Bill
The new bill featured the best possible technology to prevent counterfeiting of the time. Since it used new technology to prevent counterfeiting, the images and background colors of the bill remained the same.