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Dollar
The Continental Congress adopted the dollar as the unit for national currency. At that time, private bank-note companies printed a variety of notes. -
Greenbacks
Congress printed paper currency for the first time since the Constitution was adopted. Both sides of the notes were printed with green ink to distinguish them from the state notes already in circulation. -
Gold Certificates
Paper currency backed by gold placed on deposit with the United States Treasury. First, they were printed for banks to use, but then began being printed for public use. -
Silver Certificates
Paper currency backed by silver dollars and bullion placed on reserve with the Treasury. Designed to prop up saggling silver prices for western silver miners. -
Treasury Coin Notes
was the fifth, and last type of paper currency issued before the banking system was overhauled. Paper currency issued by the Treasury that was redeemable in both gold and silver. -
Gold Standard
A monetary standard under which the basic currency is equal to and can be exchanged for, a specific amount of gold. Fixing the price of gold at $20.67 an ounce. -
Federal Reserve System
Nation's first true bank. A central bank is a bank that can lend to otehr banks in times of need. To ensure membership in the Fed, all national banks were required, and all state-chartered banks were eligible, to become members (or part owners) of the Fed. -
Banking Act of 1933
Also known as the Glass-Steagall Sct, was passed to strengthen the banking industry. -
In God We Trust
Paper currency was first issued with the inscription “In God We Trust” in 1957. The inscription appears on all currency Series 1963 and later.
