Money in America

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by jakbry20
Last updated 6 years ago

Social Studies
American History

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Money in America

1861 The Civil War

1862 Greenbacks

In order to support the Revolutionary War, the Continental Congress chartered the bank of North America in Philadelphia as the nation’s first real bank.

1785 The Dollar

How is Money Used Today . . .Money is used to buy goods and services for people everyday needs. The value of money has been increased throughout the years and will continue to grow as people use it.

1781 The Nation’s First Bank

The Continental Congress determined that the official monetary system will be based on the dollar. But the first coin represented wouldn’t be brought about until several years later.

The federal monetary system was established with a creation of the U.S. Mint in Philadelphia. A year later, the first U.S. coins were introduced in 1793.

1792 Monetary System

Close to bankruptcy and pressed to finance Civil War, Congress allowed the United States Treasury to issue paper money for the first time in the form non-interest bearing Treasury Notes called Demand Notes.

Money in America

1690 Colonial Notes

A World Without Money . . .Before money was established, the bartering system was in place. Bartering is a direct trade of goods and services—I’ll give you a stone axe if you help me kill a mammoth– but such arrangements take time. This can be difficult because you have to find someone who agrees that this is a fair trade .One of the great achievements of money was increasing the speed at which business could be done.

The Massachusetts Bay Colony issued the first paper money in the colonies which would later form the United States.

Demand Note

United States Notes replaced Demand Notes and were generally called “greenbacks” because of its green tint to make it more difficult to counterfeit. They were last issued in 1972.


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