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Evolution of the Monetary System

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Chanel Ninan October 3, 2005

Mrs. Forte Per. 6

Evolution of the Monetary System

The dollar has become one of the greatest brands of the century. Just like other popular brands, humans treat the dollar as a brand too- everyone wants it. Throughout time the dollar has gone from wampum or common items of settlers to silver and gold or coins, and finally paper bills. Now that it is paper many people think that they shouldn't change it anymore because it's been very successful throughout the years. Within time the dollar has changed tremendously.

With regard to the development of American Currency, the 1600's began the evolution of the dollar. When the colonists first came to America the Native Americans taught them about Wampum. They traded corn, peas, rum, nails, and other common items that were needed in everyday lives. After using this barter system for a while the colonists realized that this system was not fair or practical. They then used the thaler or dollar as we know it today. After time the colonists believed that these coins were too big so they then broke them into bits. They would carry around these bits because they were more practical. The coins then lost their value which is why the first paper bill was printed in Massachusetts in 1691. It's clear within these details that throughout the 1600's there were many changes that took place within currency throughout the United States.

Throughout the 1700's and 1800's the dollar bill went through many changes with look and value. In 1755 the Continental Congress started to print money. Then in 1755 the newly established Continental Congress made continental papers with many different symbols on them such as a great seal with an eagle, and a pyramid with an eye. In 1791 the U.S. dollar became legal tenor. In 1813 over two hundred and eight banks made money from Delaware to New York with the face of Santa Claus on it. Every bill could be taken to any bank and redeemed for gold and/or silver. The dollar bill depreciated in value very fast. In 1841 the bank went out of business and the United States had $200,000 to its name. Within the 17 and 1800's money had changed greatly.

With regard to the evolution of money within the United States from the 1900's until now it has grown a lot and



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