Sunday, February 11, 2018

A Timeline of United States Currency Video

In 1690, early Americans in the Massachusetts Bay Colony were the first to issue paper money
In 1739 Benjamin Franklin had a printing firm in Philadelphia that printed paper currency with nature prints


1775-1791: The Dawn of U.S. Currency As We Know It

The Continental Congress had to do something to finance the American Revolution, so they printed our brand spankin’ new country’s first ever paper money, known as “continentals.” This was the dawn of fiat currency as we know it today

Alexander Hamilton was the Treasury Secretary. He’s the guy who urged Congress to establish the First Bank of the United States in 1791 with a capital of $10 million

In 1863 Abraham Lincoln signed what was originally known as the National Currency Act, which for the first time in American history established the federal dollar as the sole currency of the United States.

In 1912: Woodrow Wilson Creating the Federal Reserve Act

1913: The Creation of the Federal Reserve System

1920s: the Fed started using open market operations as a tool for monetary policy

1929-1933: The Crash and the Depression

In 1933 Congress passed the Banking Act of 1933 (or the Glass-Steagall Act) which separated commercial and investment banking, and required government securities to be used as collateral for Federal Reserve notes.

This Act also established the Federal Deposit Insurance Corporation

In 1956, The Fed was named the regulator of bank holding companies owning more than one bank with the passing of the Bank Holding Company Act

In 1980 The Monetary Control Act of 1980 marked the beginning of modern banking industry reforms

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