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A History Of American Currency

gold coin

A History Of American Currency

William Youngerman is the best seller for gold coins and the graded silver eagle coin in Boca Raton. We sell bullion, currency, jewelry, US gold coins, and world gold coins in our coin dealer store. The history of American currency will allow customers to be informed about how the American currency system began and how it has evolved.

A History Of American Currency

  • What Is Currency
  • History
  • Different Types

What Is Currency

A currency refers to money in any form when in actual use or circulation as a medium of exchange especially circulating banknotes and coins. Currency provides a basis for trade (buying and selling) and sets a standard of value which allows for trading to function smoothly. Currency is an essential part of the economy and includes three universal advantages such as a medium of exchange, a store of value, and a standard of value. This allows buyers and sellers to arrive at a comparative price without having to negotiate.

History

The start of American currency began in the 1690’s as colonial notes. The colonial currency was paper currency and was issued by the Massachusetts Bay Colony to fund military expeditions. In 1776 the first $2 note was produced and was authorized by the continental congress as a “bill of credit” for the defense of America. 85 years later in 1861, Congress authorizes the U.S. Department of Treasury to issue non-interest bearing Demand notes. As a result, the notes are given the nickname “greenbacks” due to their green color.

In 1862 the foundation of modern design was introduced and the U.S. Department Of Treasury’s seal was engraved on the American currency along with engraved signatures to aid in counterfeit deterrence. In 1913 the federal reserve act created the nation’s central bank system which is responsible for the financial needs of the country. Therefore, the Federal Reserve Board issued a new currency called Federal Reserve Notes. A year later in 1914, the Federal Reserve issued the first $10 bills and feature a former President Andrew Jackson on the front. In 1918 the Federal Reserve Board started to distribute $500, $1,000 $5,000 and $10,000 denominations. Finally in 1957, “In God, We Trust” was to begin appearing on all currency.

Different Types

There are a variety of currencies that have been developed over time. People who are coin collectors enjoy these kinds of products as they are rare findings and are not produced today. One rare coin is the $2.5 cent coin. This coin dates back to the late 1800’s and 1900’s and contains a Native American on the face of the coin. In the 1800’s, these coins were referred to as the Indian 2 dollar coin, however, that term is no longer used due to its origin. The Gold Eagle coin was first distributed in 1986 and features lady liberty walking confidently against the suns rays carrying a torch and olive branch.

William Youngerman, INC is the number one choice for a collector’s gold coin and graded silver eagle coin needs. Call us today at (800) 327-5010 to speak to a qualified representative regarding our selection of rare gold coins, jewelry and more.

 

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