Saturday, April 24, 2010

What Do You Know About United States Money?

We who live in the United States use money almost daily. But do you know the history of this money?
Before 1775 people in the American colonies used English, Spanish and French money.
1775: The Continental congress printed paper money to finance the American Revolution. Its value dropped quickly, soon becoming nearly worthless.
1782: Congress passed laws making the dollar our official currency and authorizing the U.S. Government to make coins.
1793-1861: Private banks printed their own paper money, called "State Bank Notes."
Eventually, there were 7,000 kinds of paper money in the U.S.
1861: In order to finance the Civil War, the Federal Government issued official United States paper money.
1863-1929: Private banks printed official U. S. Government "National Bank Notes."
1913: Congress created the Federal Reserve, the official bank of the United States. This bank issues the only U.S. paper money made today. Look for the words, "Federal Reserve Note" on any U. S. bill.
(Taken from Financial Literacy 2010)