Paper Currency By: Maya Johnson

Throughout much of history, money took the form of precious metals, coins and even raw materials like livestock or vegetables. Paper currency was widely used in China in the ninth Century. Paper money was made by the Tang Dynasty in China in 740 B.C.  cHINA

The reason why… By the late 19th century many nations had begun issuing government-backed legal tender that could no longer be converted into gold or silver. The switch to paper money not only bailed out struggling governments during times of crisis, as it did for the United States during the Civil War.

u.s. gets money On March 10, 1862 the first United States paper money was issued. The denominations were $5, $10, and $20. They became legal tender by Act of March 17, 1862. The inclusion of "In God We Trust" on all currency was required by law in 1955. The national motto first appeared on paper money in 1957 on $1 Silver Certificates, and on all Federal Reserve Notes beginning with Series 1963.

INNOVATION… 1690 Colonial Notes :The Massachusetts Bay Colony issued the first paper money in the colonies which would later form the United States. 1781 Nation's First Bank : to support the Revolutionary War, the continental Congress chartered the Bank of North America in Philadelphia as the nation's first "real" bank. 1878 Silver Certificates : The Department of the Treasury was authorized to issue Silver Certificates in exchange for silver dollars. The last issue was in the Series of 1957. 1929 Standardized Design : Currency was reduced in size by 25 percent and standardized with uniform portraits on the faces and emblems and monuments on the backs. 1957 In God We Trust : Paper currency was first issued with "In God We Trust" as required by Congress in 1955. The inscription appears on all currency Series 1963 and beyond. 1990 Security Thread and Microprinting : A security thread and micro printing were introduced, first in $50 and $100 notes, to deter counterfeiting by advanced copiers and printers.

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Paper currency now… Today, usually people are paying with cash, a credit or debit card.