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1792: U.S. Mint
The Federal Monetary System was established with the creation of the
U.S. Mint in Philadelphia. The first American coins were struck in 1793.
1836: State Bank Notes
With minimum regulation, a proliferation of 1,600 state-chartered, private
banks issued paper money. State bank notes, with over 30,000 varieties of
color and design, were easily counterfeited, which combined with bank
failures to cause confusion and circulation problems.
1861: Civil War
On the brink of bankruptcy and pressed to finance the Civil War, Congress
authorized the United States Treasury to issue paper money for the first
time in the form of non-interest bearing Treasury Notes called Demand
Notes.
1862: Greenbacks
Demand Notes were replaced by United States Notes. Commonly called
“greenbacks" because of the green tint introduced to discourage photo-
graphic counterfeiting, they were last issued in 1971. The Secretary of the
Treasury was empowered by Congress to have notes engraved and printed
by private bank note companies. The notes were signed and affixed with
seals by six Treasury Department employees.
1865:
Gold Certificates were issued by the Department of the Treasury against
gold coin and bullion deposits and were circulated until 1933.
Secret Service. The Department of the Treasury established the United
States Secret Service to control counterfeiting. At that time, one-third of
all circulating currency was estimated to be counterfeit.
1877: Bureau of Engraving and Printing
The Department of the Treasury's Bureau of Engraving and Printing
started printing all U.S. currency.
1878: Silver Certificates
The Department of the Treasury was authorized to issue Silver Certificates
in exchange for silver dollars. The last issue was in the Series 1957.
1913: Federal Reserve Act
After the 1893 and 1907 financial panics, the Federal Reserve Act of 1913
was passed. It created the Federal Reserve System as the nation's central
bank to regulate the flow of money and credit for economic stability and
growth. The System was authorized to issue Federal Reserve Notes. Now
the only U.S. currency produced, Federal Reserve Notes represent 99 per-
cent of all currency in circulation.
1929: Standardized Design
Currency was reduced in size by 25 percent, and a consistent design was
introduced with uniform portraits on the front and emblems and monu-
ments on the back.
1957: 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.
1990: Security Thread and Microprinting
Secret Service. The Department of the Treasury established the United
States Secret Service to control counterfeiting. At that time, one-third of
all circulating currency was estimated to be counterfeit.
1792: U.S. Mint
1877: Bureau of Engraving and Printing
The Federal Monetary System was established with the creation of the
U.S. Mint in Philadelphia. The first American coins were struck in 1793. The Department of the Treasury's Bureau of Engraving and Printing
started printing all U.S. currency.
1836: State Bank Notes
1878: Silver Certificates
With minimum regulation, a proliferation of 1,600 state-chartered, private
banks issued paper money. State bank notes, with over 30,000 varieties of The Department of the Treasury was authorized to issue Silver Certificates
color and design, were easily counterfeited, which combined with bank in exchange for silver dollars. The last issue was in the Series 1957.
failures to cause confusion and circulation problems.
1913: Federal Reserve Act
1861: Civil War After the 1893 and 1907 financial panics, the Federal Reserve Act of 1913
was passed. It created the Federal Reserve System as the nation's central
On the brink of bankruptcy and pressed to finance the Civil War, Congress bank to regulate the flow of money and credit for economic stability and
authorized the United States Treasury to issue paper money for the first growth. The System was authorized to issue Federal Reserve Notes. Now
time in the form of non-interest bearing Treasury Notes called Demand the only U.S. currency produced, Federal Reserve Notes represent 99 per-
Notes. cent of all currency in circulation.
1862: Greenbacks 1929: Standardized Design
Demand Notes were replaced by United States Notes. Commonly called Currency was reduced in size by 25 percent, and a consistent design was
“greenbacks" because of the green tint introduced to discourage photo- introduced with uniform portraits on the front and emblems and monu-
graphic counterfeiting, they were last issued in 1971. The Secretary of the ments on the back.
Treasury was empowered by Congress to have notes engraved and printed
by private bank note companies. The notes were signed and affixed with 1957: In God We Trust
seals by six Treasury Department employees.
Paper currency was first issued with the inscription "In God We Trust" in
1865: 1957. The inscription appears on all currency series 1963 and later.
Gold Certificates were issued by the Department of the Treasury against 1990: Security Thread and Microprinting
gold coin and bullion deposits and were circulated until 1933.
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