How Has Paper Money Changed Since 1990?

The famous counterfeiter, Benjamin Boyd, was caught red-handed in the making of the front of a 20 dollar bill. Boyd is a talented engraver, his best work was a five-dollar bill that some experts couldn’t tell was fake. Ben father was also an excellent engraver, and wanted his son to be skilled enough to take over the family business, so he set Ben up to study with one of the city's best engravers, and his name was Nat Kinsey. Little did Ben’s father know, Nat Kinsey also cut plates to print counterfeit money. Ben was tempted by the idea of making money and learned quickly from Kinsey. When Ben was twenty he cut his first two plates: the front and the back of a 20 dollar bill.

* Paper money issued as a promise for hard specie such as gold and silver

In early 2015, the Treasury Department announced that they would be revamping the $10 bill in 2020 to coincide with the with 100th anniversary of the 19th amendment. The redesign will feature the first ever female on the bank note; in addition to that, the treasury department opened the decision up to the public and allowed them to cast their votes on who should appear on the note. According to the U.S. Department of the Treasury, the Secretary of the Treasury is the one who usually decides on the design of the currency; so the current secretary, Jack Lew, has pushed the decision over into 2016. The law only allows deceased people who have a place in American history to appear on the currency. The secretary

In the beginning of the use of fiat currency, many governments backed the value of the currency with gold. For a while, thirty five United States Dollars could be traded for 1 Troy ounce of gold at a bank. Today however, the USD is no longer backed by gold. Most money today is “just worthless paper”, and if the government endorsing that money fails, it turns that currency into useless paper. (This is causes hyperinflation and recently happened to the Zimbabwean dollar.)

If history could rewind to when Alexander Hamilton was the treasury secretary instead of Jack Lew, the former would most definitely make the more sensible decision: to swap the Andrew Jackson adorned $20 with a prominent historical female portrait. As it is 2015, Treasury Secretary Lew -- seemingly deaf to countless proponents of doing so -- has unilaterally decided that the $10 bill (and Alexander Hamilton) be unseated.

Throughout American history, the United States Mint has coined several denominations that would now be considered “odd” or “strange” by the general public: half cent, two cent, three cent, half dime, twenty cent, quarter eagle, three dollar, half eagle, eagle, and double eagle. At the time, however, many of these were seen in everyday circulation, a completely normal denomination. Each of them had a purpose behind its inception and a practical use after mintage. For example, the two cent piece was coined during and after the American Civil War to address the shortage of small denomination coinage. The three cent piece was minted to make purchasing postage more convenient, which was priced at three cents at the time. One of these denominations stands out from the rest: the twenty cent piece. It holds the honor of being the shortest lived circulation denomination in United States history. This, however, should not come as a surprise; the denomination was doomed from the beginning.

The penny was first legalised by the Coinage Act of 1864. But was not printed until 1906 when Abraham Lincoln was the first historical figures portrayed on a United States coin. Back when pennies were first made, the value of the penny was extremely high. But since the time that the penny was first introduced to now, prices have risen by the extreme. With other coins and even dollar bills now, the penny is less likely to be used, except for change. The production of the penny needs to be ended because it costs more to make than it is worth, it is a hassle to use and it useless in today's society.

Its impossible to imagine a world without money. However, do we actually know how our money is designed? Who has a say is how it looks? And how exactly does it get integrated into the public? Most would not be able to answer such questions. However, with the recent decision to change the face on the ten dollar bill, it is important that we know the process in which this takes place. Alexander Hamilton's face has always been on the ten dollar bill. Now that Secretary of State, Jack Lew, has proposed to put a woman on the ten dollar bill, who exactly should we choose? With this question, we must consider the historical and cultural facts for this monumental decision.

The largest note ever printed by the Bureau of Engraving and Printing was the $100,000 Gold Certificate, Series 1934. These notes were printed from December 18, 1934 through January 9, 1935 and were issued by the Treasurer of the United States to Federal Reserve Banks (FRB) only against an equal amount of gold bullion held by the Treasury. These notes were used for transactions between FRB’s and were not circulated among the public.

Genevieve and Ruth Anne talk about the recent change to the U. S’s twenty-dollar bill. In April of 2016, Treasury Secretary Jacob J. Lew announced future design changes to U.S currency, specifically the ten-dollar bill. There was speculation that Harriet Tubman was going to replace Alexander Hamilton on the ten-dollar bill, but after a period of debating, it was decided that Harriet Tubman will be added to U.S currency, just not the ten-dollar bill. Alexander Hamilton will stay on the ten-dollar bill and Harriet Tubman will be replacing Andrew Jackson as the figurehead of the twenty-dollar bill. Along with Tubman’s addition as the first African American and first women on American currency, the back of the ten-dollar bill will now also

The United States Mint is responsible for producing and circulating all coinage for use in economic trade or commerce. However, few are actually aware of the history behind this financial intuition. In the beginning of America’s days as a colony, each state produced its own currency or accepted foreign coins as a means of payment. Massachusetts was the first of the colonies to produce a paper currency, which later gave rise to Continental Currency in an effort to finance the Revolutionary War. However, these paper notes had no solid backing of any kind other than predicted taxes revenue collected from each colony. In 1781, The Continental Congress sought to increase confidence in its currency through the establishment of The Bank of North America in Philadelphia, which was then the capital. The printing of money was left to private banks who printed notes of all kinds. As a result, paper notes and coins were easily counterfeited. Silver bullion coins were easily pressed and engaged with images and the exchange rate varied throughout each colony.

The penny is the smallest coin in the United States monetary system based on both size and worth. It was made legal tender in 1864 and, in 1909 the image was changed to depict and honor President Abraham Lincoln. The penny has since outlived its usefulness and is now costing the treasury more than it is worth. Along with the rising cost of the penny, it also costs the world time, which is spent searching for pennies. The penny itself, cannot be used to buy goods alone. Since the imposition of the penny, the world has changed and the penny is now outdated and no longer useful.

In 1775, the Continental Congress permitted lawfully the issuance of the American Dollar to capitalize the Revolutionary War. The word “dollar” was previously in common utilization and was based on the Spanish dollar that had been extensively circulated in the colonies. This new paper currency became established as the “Continental” throughout the colonies. As the war wore on and the colonies’ debt escalate, the Continental became devalued. By May, 1781, Continentals had become so insignificant that people stopped using them. The term “not worth a Continental” became a terminology that lingered until the early 20th century.

1. Early currency issues in America-In 1690, early Americans in the Massachusetts Bay Colony were the first to issue paper money in the colonies to meet the high demand for trade,also a response to the shortage of coins, which were primarily used as money at the time.

Ironically, one of the bills had a familiar face on it, that of Alexander Hamilton, who is slated to be removed from the $10 in a few years. (What does the U.S. Treasury have against Hamilton?)