The History of U.S. Currency

By tracing our currency back to the colonial era, we can explore how American history has helped shape the way we design, issue, and process modern U.S. banknotes.

Periods of Influence

The following centuries proved to be pivotal for the development of our nation's currency. Explore the timeline for an in-depth look.

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1800s

1813

President James Madison

James Madison’s portrait features on multiple series of the $5,000 Treasury bearer notes. These large value notes are originally redeemable for gold. The note back features George Washington resigning his commission.


1861

$10 Demand Notes

$10

The first $10 notes issued by the U.S. federal government are Demand Notes, featuring President Abraham Lincoln’s portrait, fine-line engraving, and intricate geometric lathe patterns. Each Demand Note was immediately redeemable in gold or silver “upon demand” at seven specific banks around the nation. The Treasury issued Demand Notes in 1861 and 1862.

Image: Federal Reserve Bank of San Francisco

1861

"Greenbacks"

$5, $10, $20

In order to finance the Civil War, Congress authorizes the U.S. Department of the Treasury to issue non-interest-bearing Demand Notes. These notes earn the nickname “greenbacks” because of the green ink on the back. All U.S. currency issued since 1861 remains valid and redeemable at full face value.

Image: Federal Reserve Bank of San Francisco

1862

United States Notes

$1, $2, $5, $10, $20, $50, $100

After the Treasury issued Demand Notes, Congress authorizes a new class of currency known as “United States notes” or “Legal Tender notes.” These notes replace Demand Notes. They continue to circulate until 1971. Similar to Demand Notes, they are nicknamed "greenbacks."

Image: , Public Domain

1862

Secretary Salmon P. Chase

$1

The Treasury seal first appears on currency during the Civil War. The federal government issues the first $1 Legal Tender" notes. These banknotes feature a portrait of Secretary of the Treasury Salmon P. Chase.

Image: The Bureau of Engraving and Printing, Creative Commons Attribution-Share Alike 3.0 Unported

1862

The Foundation of Modern Design

By 1862, the Demand Notes incorporate fine-line engraving, intricate geometric lathe work patterns, a U.S. Department of the Treasury seal, and engraved signatures to aid in counterfeit deterrence. To this day, U.S. currency continues to add features to deter counterfeiting.

Image: National Numismatic Collection, National Museum of American History, Creative Commons Attribution-Share Alike 4.0 International

1862

Treasury Seal

The Treasury seal first appears on currency during the Civil War. While the color and style of the seal changes over the years, the internal seal remains essentially the same to modern day with a key, scales, and stars.

Image:

1863

First Division of the National Currency Bureau

Congress creates the Office of the Comptroller of the Currency (OCC) and National Currency Bureau to handle the newly created National Bank Notes.

Image: United States Department of the Treasury, Creative Commons Attribution 3.0 Unported

1863

Liberty and Justice

$50

American money has depicted Liberty and Justice as allergorical figures. On interest-bearing notes of 1863, Justice can be seen holding her scales. She appears on the right side of a $50 bill from 1880 holding a sword and shield.

Image: National Numismatic Collection, National Museum of American History, Creative Commons Attribution-Share Alike 4.0 International

1863

A National Banking System

Congress establishes a national banking system and authorizes the U.S. Department of the Treasury to oversee the issuance of National Banknotes. This system sets Federal guidelines for chartering and regulating "national" banks and authorizes those banks to issue national currency secured by the purchase of United States bonds.

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1863

Trumbull's Paintings

$100

The first $100 and $500 national bank notes feature John Trumbull’s paintings “Declaration of Independence” and “Surrender of General Burgoyne.” Both paintings now hang in the U.S. Capitol Building.

Image: Architect of the Capitol, Public Domain

1865

The Secret Service

The United States Secret Service is established to deter counterfeiters, whose activities diminish the public’s confidence in the nation's currency.

Image: U.S.S.S., Public Domain

1869

George Washington on $1 Note

$1

The 1869 series of United States notes features the first use of George Washington’s portrait.

Image: Museum of Fine Arts, Boston, Public Domain

1869

Centralized Printing of United States Notes

$20, $100

The Bureau of Engraving and Printing begins engraving and printing the faces and seals of U.S. banknotes. Before this, U.S. banknotes were produced by private banknote companies and then sent to the Bureau of Engraving and Printing for sealing, trimming, and cutting.

Image: CEP Website

1874

Bureau of Engraving and Printing

Congressional legislation recognizes the U.S. Department of the Treasury’s Bureau of Engraving and Printing (BEP) with specific allocation of operating funds for fiscal year 1875.

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1877

Engraving and Printing

Congress mandates that the U.S. Department of the Treasury solely performs the engraving and printing of notes, bonds, and other securities of the United States. 

Image: Bureau of Engraving and Printing, Creative Commons Attribution-Share Alike 3.0 Unported

1878

Silver Certificates

The U.S. Department of the Treasury issues silver certificates. Legislation directing an increase in the purchase and coinage of silver authorizes the creation of the certificates.

Image: CEP Image Collection

1881

Senator Blanche Kelso Bruce

Former United States Senator Blanche Kelso Bruce is the first African-American to have his signature on American paper currency. He becomes the Register of the United States Treasury in 1881.

Image: National Museum of American History, Public Domain

1886

Women on Currency

$1

$1 silver certificates feature Martha Washington in their 1886 and 1896 series.

Image: The Bureau of Engraving and Printing, Creative Commons Attribution-Share Alike 3.0 Unported

1890

Treasury Notes

The U.S. Department of the Treasury begins issuing Treasury notes.

Image: The Bureau of Engraving and Printing, Creative Commons Attribution-Share Alike 4.0 International

1896

Jim the Penman

Emmanuel Ninger is arrested for counterfeiting banknotes. Nicknamed “Jim the Penman” by the U.S. Secret Service, Ninger uses only a pen and a brush to counterfeit money. While his work is convincing, he is caught because the ink dissolved on one of his counterfeits.

Image: American Numismatic Society

1896

Educational Note Series

In 1896 US released a series of silver certificates with neoclassical designs. They were referred to as the "Educational Series". The $1 note had allegorical figures of history instructing the youth. Two dollar notes had figures of science presenting the children, Steam and Electricity, to adults, Commerce and Manufacture.

Image: The Bureau of Engraving and Printing, Creative Commons Attribution-Share Alike 4.0 International