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1535: Wampum
The earliest known use of wampum, which are strings of beads made from
clam shells, was by North American Indians in 1535. Most likely, this
monetary medium existed well before this date. The Indian word "wam-
pum" means white, which was the color of the beads.
1816: The Gold Standard
Gold was officially made the standard of value in England in 1816. At this
time, guidelines were made to allow for a non-inflationary production of
standard banknotes which represented a certain amount of gold. Banknotes
had been used in England and Europe for several hundred years before this
time, but their worth had never been tied directly to gold. In the United
States, the Gold Standard Act was officially enacted in 1900, which helped
lead to the establishment of a central bank.
1930: End of the Gold Standard
The massive Depression of the 1930's, felt worldwide, marked the begin-
ning of the end of the gold standard. In the United States, the gold standard
was revised and the
price of gold was devalued. This was the first step in
ending the relationship altogether. The British and international gold stan-
dards soon ended as well, and the complexities of international monetary
regulation began.
English 27/2001, p.14
Text III.
Read the text “US Money History” to find out the measures introduced to
guard American banknotes against counterfeits.
U.S. Money History
1690: Colonial Notes
In the early days of this nation, before and just after Revolution, Ameri-
cans used English, Spanish, and French currencies. The Massachusetts
Bay Colony issued the first paper money in the colonies that would later
form the United States.
1775: Continental Currency
American colonists issued paper currency for the Continental Congress to
finance the Revolutionary War. The notes were backed by the "anticipa-
tion" of tax revenues. Without solid backing and because they were easily
counterfeited, the notes quickly became devalued, giving rise to the phrase
"not worth a Continental."
1731: The nation's First Bank
The Continental Congress chartered the Bank of North America in Phila-
delphia as the nation's first “real” bank to give further financial support to
the Revolutionary War.
1785: The Dollar
The Continental Congress adopted the dollar as the unit for national cur-
rency. At that time, private bank-note companies printed a variety of notes.
1789:
After adoption of tie Constitution in 1789, Congress chartered the
the First Bank of the United States and authorized it to issue paper bank
notes to eliminate confusion and simplify trade. The bank served as
the U.S. Treasury’s fiscal agent, thus performing the first central bank
function.
U.S. Money History
1690: Colonial Notes
1535: Wampum
In the early days of this nation, before and just after Revolution, Ameri-
The earliest known use of wampum, which are strings of beads made from cans used English, Spanish, and French currencies. The Massachusetts
clam shells, was by North American Indians in 1535. Most likely, this Bay Colony issued the first paper money in the colonies that would later
monetary medium existed well before this date. The Indian word "wam- form the United States.
pum" means white, which was the color of the beads.
1775: Continental Currency
1816: The Gold Standard
American colonists issued paper currency for the Continental Congress to
Gold was officially made the standard of value in England in 1816. At this finance the Revolutionary War. The notes were backed by the "anticipa-
time, guidelines were made to allow for a non-inflationary production of tion" of tax revenues. Without solid backing and because they were easily
standard banknotes which represented a certain amount of gold. Banknotes counterfeited, the notes quickly became devalued, giving rise to the phrase
had been used in England and Europe for several hundred years before this "not worth a Continental."
time, but their worth had never been tied directly to gold. In the United
States, the Gold Standard Act was officially enacted in 1900, which helped 1731: The nation's First Bank
lead to the establishment of a central bank.
The Continental Congress chartered the Bank of North America in Phila-
1930: End of the Gold Standard delphia as the nation's first “real” bank to give further financial support to
the Revolutionary War.
The massive Depression of the 1930's, felt worldwide, marked the begin-
ning of the end of the gold standard. In the United States, the gold standard 1785: The Dollar
was revised and the price of gold was devalued. This was the first step in
ending the relationship altogether. The British and international gold stan- The Continental Congress adopted the dollar as the unit for national cur-
dards soon ended as well, and the complexities of international monetary rency. At that time, private bank-note companies printed a variety of notes.
regulation began.
1789:
English 27/2001, p.14
After adoption of tie Constitution in 1789, Congress chartered the
Text III. the First Bank of the United States and authorized it to issue paper bank
Read the text “US Money History” to find out the measures introduced to notes to eliminate confusion and simplify trade. The bank served as
guard American banknotes against counterfeits. the U.S. Treasury’s fiscal agent, thus performing the first central bank
function.
28
