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The Massachusetts Bay Colony issued the first money made from paper.
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Continental Congress started the dollar as the unit for national currency. Banks still continued to print a variety of notes.
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Banks were finally allowed to create their own money.
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To make the currency system more simple they issued gold certificates. These were paper currency backed by gold placed on deposit with the US Treasury.
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Federal government made the state banks join the National Banking System which applied a 10% tax on all bank notes made by private banks.
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Currency was made smaller and the design was made consistent.
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This was the years that they put "In God We Trust" on dollar bills.
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$5 and $10 bills got changed so it was more difficult to couterfeit.
