The History of U.S. Currency
Colonial Bills
1690
The Massachusetts Bay Colony, one of the Thirteen Original Colonies, issued the first paper money to cover costs of military expeditions. The practice of issuing paper bills spread to the other Colonies.
Franklin’s Unique Counterfeit Deterrent
1739
Benjamin Franklin’s printing firm in Philadelphia printed colonial bills with nature prints—unique raised impressions of patterns cast from actual leaves. This process added an innovative and effective counterfeit deterrent to bills, not completely understood until centuries later.
British Ban
1764
Following years of restrictions on colonial paper currency, Britain finally ordered a complete ban on the issuance of paper money by the Colonies.
Continental Currency
1775
The Continental Congress issued paper currency to finance the Revolutionary War. Continental currency was denominated in Spanish milled dollars. Without solid backing and easily counterfeited, the bills quickly lost their value, giving rise to the phrase “not worth a Continental.”
The Bank of North America
1781…
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