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Colonial Notes
The Massachusetts Bay Colony issued the first money made from paper. -
The Dollar
Continental Congress started the dollar as the unit for national currency. Banks still continued to print a variety of notes. -
Banks Own Money
Banks were finally allowed to create their own money. -
Gold Certificates
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. -
National Banking System
Federal government made the state banks join the National Banking System which applied a 10% tax on all bank notes made by private banks. -
Standardized Design
Currency was made smaller and the design was made consistent. -
In God We Trust
This was the years that they put "In God We Trust" on dollar bills. -
Redesigned
$5 and $10 bills got changed so it was more difficult to couterfeit.
