when was paper money first issued in the usa
Early American currency One by one, colonies began to issue their own paper money to serve as a convenient medium of exchange. In 1690, the Province of Massachusetts Bay created "the first authorized paper money issued by any government in the Western World."[3] This paper money was issued to pay for a military expedition during King William's War. Other colonies followed the example of Massachusetts Bay by issuing their own paper currency in subsequent military conflicts.[3]
Silver standard Silver certificates continued to be issued until late 1963, when the $1 Federal Reserve Note was released into circulation. For several years, existing silver certificates could be redeemed for silver, but this practice was halted on June 24, 1968.
History of paper Paper spread to India in the 7th century.[16][25] However, the use of paper was not widespread there until the 12th century.[26]
Money supply As of April 2013, the monetary base was $3 trillion[32] and M2, the broadest measure of money supply, was $10.5 trillion.[33]
Powers of the United States Congress 5. To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;
Large denominations of United States currency Although they are still legal tender in the United States, high-denomination bills were last printed on December 27, 1945, and officially discontinued on July 14, 1969, by the Federal Reserve System,[9] due to 'lack of use'. The $5,000 and $10,000 effectively disappeared well before then.[nb 1]