Did you know that US currency has been around for more than 200 years? It’s true! In this blog post, we will take a look at the history of US currency. We will discuss how it has evolved over the years and what changes have been made to it. We will also talk about some interesting facts about US currency. So, if you’re interested in learning more about this topic, keep reading for more information from experts like Kavan Choksi!
The history of US currency
Begins with the Continental Congress. In 1775, they authorized the printing of paper money to help finance the Revolutionary War. This money was called “continentals” and was not backed by any gold or silver.
2. In 1776, the Continental Congress created the United States dollar. The dollar was originally based on the Spanish dollar, which was widely used in the Americas. The dollar was divided into 100 cents, and each cent was further divided into 8 grains.
3. In 1785, the first US coins were minted. These coins were made of copper and were called “cent pieces.” They were followed by silver coins in 1794 and gold coins in 1795.
4. In 1861, the US Treasury began printing paper money again to finance the Civil War. These notes were called “greenbacks” because of their color.
5. In 1863, the National Banking Act was passed. This law created a system of national banks and established a uniform currency. The bills issued by these banks were called “national banknotes.”
6. In 1913, the Federal Reserve Act was passed. This law created the Federal Reserve System, which is responsible for issuing currency. The first Federal Reserve notes were issued in 1914.
7. In 1933, President Franklin Roosevelt signed the Gold Reserve Act into law. This act made it illegal for citizens to own gold. In order to stabilize the economy, the government began recalling all gold coins, gold certificates, and gold bullion.
8. In 1965, the US Mint began producing copper-nickel coins. These coins were made of an alloy of 75% copper and 25% nickel.
9. In 1971, President Richard Nixon ended the convertibility of US dollars into gold. This event is known as the “Nixon Shock.”
10. In 1996, the US Mint began producing a new type of coin. These coins are made of a copper-zinc alloy and are called “golden dollars.”
11. In 2000, the US Mint began producing a new type of coin. These coins are made of a copper-nickel alloy and are called “silver dollars.”
12. In 2006, the US Mint began producing a new type of coin. These coins are made of a copper-zinc alloy and are called ” presidential dollars.”
How it has evolved over the years
US currency has undergone a lot of changes over the years. Perhaps the most significant change was the switch from gold and silver to paper money. This change happened for a variety of reasons, but it ultimately made US currency more accessible to a wider range of people.
So, there you have it! This is a brief history of US currency. As you can see, it has undergone many changes over the years. Who knows what the future holds for our nation’s currency? Only time will tell!