During 17th and 18th centuries, the American people used English, Spanish and French paper money. In the years to come, the development of the
In 1775, during the American Revolutionary War, and to finance the war, the Continental Congress issued the Continental Currency. This paper money expressed the new nation’s sovereignty and instead of pictures of the crown or the king of
In 1777, after the declaration of independence was signed, the first notes with the words “The United States” were issues signed by some of the famous revolutionary figures.
By 1865 approximately one-third of all circulating currencies were counterfeit, and the Department of the Treasury established the United States Secret Service in an effort to control the counterfeiting.
By 1866 the National Bank Notes, backed by
As a result of the 1893 and 1907 financial crisis, the congress passed the Federal Reserve Act of 1913 which created the Federal Reserve System as the nation's central bank to regulate the flow of money and credit for economic stability and growth. This Federal Reserve System was authorized to issue Federal Reserve Notes, now the only