U.S. Money Timeline

By paige.kromas
  • In 1811 the U.S. had aprx. 100 state banks

    In 1811 the U.S. had aprx. 100 state banks

    State banks-banks that received their charter to operate from a state government.
  • The Greenback Standard

    The Greenback Standard

    By the 1850s the paper curreny component of the money supply was badly in need of overhaul.
  • Congress authorized the printing of $60 millionn of demand notes.

    Congress authorized the printing of $60 millionn of demand notes.

    Although these notes had no gold or silver backing, they were declared legal tender--fiat currency that must be accepted in payment for debts.
  • Gold Certificates

    Gold Certificates

    Paper currency backed by gold placed on deposit with the United States Treasury.
  • Gov. forced state banks to join the National Banking System

    Gov. forced state banks to join the National Banking System

    Federal gov. placed a ten percent tax on all privately issued bank notes.
  • Silver Certificates

    Silver Certificates

    Paper currency backed by silver dollars and bullion placed on reserve with the Treasury.
  • Treasury Coin Notes

    Treasury Coin Notes

    federal government printed the fifth, and last, type of paper currency issued before the banking system was overhauled in 1913. Treasury Coin Notes-paper currency issued by the Treasury that was redeemable in both gold and silver.
  • Inconvertible Fiat Money Standard

    Inconvertible Fiat Money Standard

    A monetary standard under which the fiat money suply cannot be converted into gold or silver by its citizens.