The backing for this currency was the amount of money the bank had on deposit. In an effort to remedy the situation, some states gave private banks the right to issue their own currency. It became apparent that there simply was not enough money in circulation to meet the ever-increasing needs of daily commerce. Financial ruin and "broken banks" – 1830s-1861ĭespite such difficult economic periods, the country continued to grow. They were simply signed "promissory notes" which earned interest, and did not circulate as money except for a brief time in 1815. To overcome these deficits, the federal government issued so-called Treasury Notes from time to time. The War of 1812, the Mexican War of 1846, the Panic of 1857, and the uneasy period immediately before the outbreak of the Civil War all caused a severe drain on the U.S. government saw no need for a national paper currency.īut during this period, several important events took place. America's first coins were struck in 1793 at the Philadelphia Mint, and from then until 1861 (68 years later), the U.S. Once the Constitution was ratified, the coinage system of the United States was established. paper money! The birth of America's currency system – 1793 From bank-issued pieces to notes issued by the Federal Reserve, collectors love U.S. One of the biggest was the introduction of paper money at the start of the Civil War. America's currency has seen a number of changes since it began in 1793.
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