History of Money in the United States. From worthlstem

 Nowadays, many do not use coins or papers, and reliance on credit, debit or even mobile cards has increased significantly, but before all that, all currencies, especially the US currency, have undergone transformations associated with important economic and political events, according to Business Insider.

The dollar tended to redden instead of the current green color and the currency was almost worthless after the Revolutionary War, and the US currency was associated with shaping the framework of the financial industry and the economy in the United States until it dominated the world.

1- Continental currency (1775 – 1790)

In order to finance the Revolutionary War, the Continental Congress (a grouping of representatives of 13 colonies who later formed the U.S. administration) issued paper currency backed by (expected) tax revenues, the first to be federally issued.

Without strong support and easy counterfeiting, the continental currency collapsed so quickly that there was a phrase circulating and part of everyday life at the time, namely "not worth the price of the banknote" until it was already worthless at the end of the war.

2- Silver Coin (1792 – 1863)

- Congress passed the first Minting Act in 1792 to assume the responsibility of the official authorities to mint coins for circulation among citizens, and a silver coin appeared, 90% of which was silver and 10% copper to strengthen it.

This law paved the way for the emergence of copper, silver and gold coins, and coins are now made up of 75% copper and 25% nickel.

3- Gold Coin (1795 – still present)

In 1795, the first official gold coin was minted in the United States, and when the precious metal was discovered in California in 1948, two gold coins were minted, still in circulation but as an investment, meaning that whoever owns it puts it up for auction for sale at a large price.

4- Texas dollar (1837-1840)

The Republic of Texas issued its first banknote in 1837 under the name "Star Money" because of the presence of a small star on the face of the coin, and it served as a utility treasury bond (like current Treasury bills).

In 1838, Texas made changes in the design of the banknote, and issued the Redback in 1839, the name of which came from the red color on the back.

5- Private bank currencies (1837 – 1863)

- This currency was issued by private banks, and later became a currency of value and dominance after 1836, but there were more than seven thousand shapes and designs for it, and it was very easy to counterfeit causing confusion and problems in circulation.

There were no regulations for banking activities in the United States, and this era was called the "free banking sector", but due to weak public confidence in the banking industry, the currencies of private banks were taxed, weakening their value.

6. Confederate currency (1861 – 1864)

During the Civil War, the Confederacy printed and issued coins from its formed government's Treasury Department, under the name of the Confederate US dollar, and was issued before the Civil War.

The Confederate dollar was not backed by any real assets, but once it pledged to pay its bearer after the war, and after things went against the Confederacy, the currency collapsed, and by the end of 1864, it was effectively worthless.

7- Fractional currency (1862-1872)

Fractional currency was also symbolized by "paper coins" or "worthless" due to the very poor quality of paper on which it was printed, and appeared after the outbreak of the Civil War in America.

Cryptocurrency traded between 1862 and 1876, issued at 3, 5, 10, 15, 25, and 50 cents, and served as a new form of money at a time when citizens monopolized gold and silver.

8. Demand coins (1861 – 1917)

To finance the civil war, the U.S. Treasury Department issued banknotes for the first time in interest-free form and called them "greenback" with the characteristic green ink.

The U.S. government put these coins on demand for circulation and used to pay salaries and expenses during the Civil War.

9- Currencies of national banks (1863 – 1935)

These currencies were backed by U.S. bonds and issued by national banks with the permission of the U.S. government, and banks issued their own currencies before the Civil War, but in 1863, a law was enacted to regulate the work of national banks.

The new banks issued federally supervised national banking currencies that were at one time called "coins of origin" because of the presence of cities and towns that issued them.

Until the beginning of 1929, there were 7600,1935 banks in America, and national currencies were discontinued in.

10- Gold certificates (1865 – 1933)

Gold certificates were first issued by the U.S. government in 1865 and were backed by gold coins and precious metal deposits, and were traded between banks, a type of which was issued for circulation in general in 1882.

- The gold certificate was a document or title deed for the yellow metal without the need to store it, and the certificate was valued at $ 20.67 by a federal law in 1834 so that it was more like real currencies in which goods and services were purchased.

The U.S. Congress passed a law in 1933 to hand over all gold certificates, and it is currently illegal to circulate or collect them.

11- Silver certificates (1878 – 1963)

The U.S. Treasury Department issued paper bonds denominated in silver dollars, which were silver certificates, printed between 1878 and 1963, and were backed by silver bullion purchased by the department.

The possibility of recovering silver was discontinued in 1968, and millions of silver certificates are still in circulation today, but there is no possibility of cashing them.

12- Currencies of Federal Reserve Banks (1913-1935)

- The U.S. Congress approved banknotes issued by Federal Reserve banks for the first time in 1913 when the Central Bank was founded, and the currency was backed by one of the Fed's twelve regional banks, but it was discontinued in 1935, and currently only Fed currencies exist as a central bank.

13. Federal Reserve Currencies (1913 – present)

The Federal Reserve introduced its currencies under the 1913 Act to contribute to strengthening the central banking system.

- The Central Bank currently issues banknotes in denominations of one dollar, two dollars, five dollars, ten dollars, fifty dollars and one hundred dollars.

Before 1945, the Federal Reserve printed a ten-thousand-dollar bill, but it was discontinued in 1969 due to lack of demand.

- The Fed does not print or mint coins or notes but is a supervisory body to regulate the circulation of those currencies.