The currency of Colombia until 1837 was the real. No subdivisions of the real figured until after the real had ceased to be the primary unit of currency. However, eight reales equal one peso and sixteen reales equal one escudo.
The spanish colonial real was used in Colombia until 1820, some of those were minted in Popayán and Bogotá. Issues were made particularly for Colombia, under the various names that the state used after 1820. The main currency in 1837 became the peso and it was equal to eight reales. The real was kept in circulation until 1847, when a new real was introduced worth one tenth of a peso and subdivided into 10 decimos de real. The new real was renamed the decimo in 1853, although coins denominated in reales were again issued 1859-1862 and in 1880.

Colombian peso

The currency of Colombia is the peso – COP. The official peso symbol is $. As of August 2016, the exchange rate of the Colombian peso is 2857 Colombian pesos to one USD.
Colombia is using the peso as a currency since 1810. It substituted the real at a rate of one peso equal to eight reales. In 1847, Colombia decimalized and the peso was subdivided into ten reales, each of ten décimos de reales. The real was renamed the decimo in 1853, even though the last reales were struck in 1880. The running currency system of 100 centavos to the peso was initially used in 1819 on early banknotes but did not showed up again until the early 1860s on banknotes and wasn’t used on the coinage until 1872.
Colombia went on the gold standard in 1871, pegging the peso to the French franc at a rate of one peso equal five francs. This lasted only until 1886, from 1888, printing press inflation caused Colombia’s paper money to devalue and the exchange rate between coins and paper money was fixed at 100 peso moneda corriente equal one coinage peso. Between 1907 and 1914, coins were issued denominated in peso, equal to paper pesos. The Junta de Conversión began emitting paper money in 1910 and a new paper currency was introduced in 1915 – the peso oro. It was equal to the coinage peso and replaced the old peso notes at a rate of 100 old paper pesos equal to one peso oro. When the United Kingdom left the gold standard in 1931, Colombia shifted its peg to the USD, at a rate of 1.05 pesos equal to one dollar, a slight devaluation from its former peg.
Notwithstanding it never appeared on coins, Colombia’s paper money continued to be issued denominated in peso oro until 1993, when the word oro was dropped. The Colombian senate has debated whether to redenominate the currency by introducing a new peso worth 1000 old pesos, or to remove three zeroes from the value but such a plan has yet to be adopted.

The currency of Bolivia is the boliviano (BOB), divided into 100 cents or centavos in spanish. Boliviano was as well the name of the currency of Bolivia between 1864 and 1963.

First boliviano

The first boliviano was presented in 1864, equivalent to eight soles or half a scudo in the ex currency. Primarily, it was subdivided into 100 centécimos but this was changed to centavos in 1870. The amount of ten bolivianos was also called bolivar.
The boliviano was firstly pegged at a rate of one boliviano equal five french francs. On December 31, 1908, the currency was put on a new gold standard, with 12½ bolivianos equal one british pound.
Multiple exchange rates to the US dollar were established in 1940, yet the boliviano continued to drop in value. It was replaced by the peso boliviano (BOP) at a rate of one thousand to one in 1963.

Bolivian peso

The currency of Bolivia from 1 January 1963 until 31 December 1963 was the peso boliviano (BOP). It was exchanged by the boliviano at 1,000,000 pesos bolivianos equal one boliviano. The currency symbol of peso boliviano was “$b.”. Bolivia had introduced a comprehensive economic stabilization program that canceled most currency restrictions on the boliviano, which had suffered badly from inflation in December 1959. The program adopted a variable exchange rate that was finally stabilized in 1962 at 11 875 bolivianos to one US dollar.
Reform of the currency from January 1, 1963 adopted the peso boliviano, equal to 1000 bolivianos, with an initial central exchange rate of 11.875 per one US dollar. But inflation soon restored and the peso boliviano was devalued 39.4% on October 27, 1972. The new official rate was 20 per one USD, maintained until November 30, 1979, when the peso boliviano was put on a controlled float, firstly at 25 per dollar. The inflation levels speeded up and the official rate was devalued February 5, 1982 to 44 per one USD. The average exchange rate was 64.12 per dollar in 1982, 229.78 per dollar in 1983, and 2314 per dollar in 1984. During September 1985 the US dollar was worth a million pesos bolivianos on the black market. President Paz-Estenssoro proclaimed a free exchange rate for the peso, which was floated in August 1985, resulting in an operative devaluation of 95%. Every exchange control was lifted and the exchange rate was set twice weekly accordingly to current supply and demand. The value continued to drop and by January 1986 the government was setting a new exchange rate daily in an attempt to upkeep the assurance in the economy. After reaching a low of about 2.2 million per one USD, the peso stabilized and ameliorated around 1.8 to 1.9 million per dollar.
A new currency unit was the boliviano – it was created by Law No. 901 of November 28, 1986. Monetary reform was announced on December 30, 1986 becoming effective January 1, 1987. This new boliviano commuted the peso boliviano at one boliviano equal 1 000 000 pesos bolivianos.

Second boliviano

After many years of furious inflation, the bolivian peso was exchanged in 1987 by a new boliviano at a rate of one million to one. By that time one USD was worth 1.8 to 1.9 million pesos. The new currency exchange rate was one new boliviano approximately equivalent to one USD.
The Boliviano is still manufactured abroad, in countries such as United Kingdom, France, and Chile. Even politically independent since 1825, Bolivia is in this regard after two centuries beeing not independent in many aspects, such as the monetary one, like many other ex-colonies all over the Latin America and the rest of the world.

Although Bolivia was one of the primary mints of the colonial era the printing and coining of currency suspended due to absence of political interest and on the idea that foreign made coins and bank notes could be procured at a lower price than the bolivian made.

The official currency of Paraguay until 1856 was the real. To start with, the Spanish colonial real circulated, this was supervened, in 1813, by the Argentine real. Paraguay started issuing its own reales in 1845. Sixteen silver reales for one gold escudo. The Paraguayan peso was introduced in 1856, worth 8 reales. The real continued to circulate as the subdivision of the peso until 1870, when Paraguay decimalized.
Copper coin worth 1⁄12 real piece, was the only one issued for Paraguay in this currency , impregnated in 1845. These coins were devalued to 1⁄24 real in 1847.

Paraguayan peso

The currency of Paraguay between 1856 and 1944 was the peso. It exchanged the real at a rate of 8 reales equal 1 peso. Until 1870, the peso was subdivided into 8 reales. Paraguay then decimalized, with 100 centésimos equal 1 peso. The subdivision was renamed in centavo in 1874. Then the peso was changed in 1944 by the guaraní at a rate of one hundred to 1.

Paraguayan guaraní

The guaraní (PYG) is the national currency of Paraguay. The guaraní was divided into 100 céntimos but, because of inflation, céntimos are not applicable anymore. 
The law creating the guaraní was passed on 5 October 1943, and exchanged the peso at a rate of 1 guaraní = 100 pesos. In 1944 the first guaraníes were issued. Between 1960 and 1985, the guaraní was linked to the United States dollar at 126 PYG to 1 USD.
Currently, the guaraní is the least valued currency unit in the Americas, 1 USD worth close to 5400 guaranies.
In 2011, plans were released under which the Paraguayan guaraní would be revalued as the Nuevo guaraní (PYN) in the ratio of 1000 for 1, but due to possible confusion and problems with the projects, it is currently suspended.

The currency of Uruguay was initially that common to all of the Spanish America. In the struggle over this region, primarily between Spain and Portugal, later on between Argentina and Brazil, the coinage of both rivals circulated. The area was annexed to Brazil in 1821 as Provincia Cisplatina, the Portuguese (Brazilian) administration put notes of Banco do Brazil into circulation. This was the first paper money to circulate in Uruguay. After that, in 1826–1828, argentine troops fighting against Brazil were paid in one-peso notes issued by Banco Nacional of Buenos Aires for Provincia Oriental.
All sides to the conflict used the Spanish dollar (Spanish peso, Portuguese patacão), which circulated with a value of 8 Spanish reales or 960 Brazilian reis. Circulation consisted of coins from mints in Mexico, Potosí, Brazil, and Buenos Aires. In the turbulent period of conflict prior to independence, a significant amount of poor-quality copper coins from both Buenos Aires and Brazil came into circulation.

Peso 1828–1854

Uruguay’s currency was based on the silver peso of eight reales, mostly known as the patacón, and the gold onza de oro, priced at 16 pesos silver. But a massive quantity of devaluate copper coins also circulated. Lacking the resources to implement a national coinage, Gen. José Rondeau’s provisional government allowed foreign silver and gold coin to circulate freely (Law of 4 October 1828) at its intrinsic value, but it limited and after that forbidden the import of copper coin and the circulation of Buenos Aires bank notes (March 1829).
Gen. Fructuoso Rivera demonetized all copper coin in circulation, the coppers ceased to be legal tender for individuals and would be neither received nor paid out by public offices after January 1831. After that, it was withdrawn at one patacón in silver or gold for 13 reales in copper.
Тo achieve slight change, the government obtained Buenos Aires coins of one-tenth real, and put about 1.6 million of them into circulation at half face value. This is known the first money issued by República Oriental del Uruguay.
The government established a new monetary system in 20 June 1839, famous as Sistema real, with accounts kept in a patacón (peso) of 8 reales, each of 100 centésimos. The patacón was a silver coin, 27.06 g. The standard gold coin was the onza de oro of 27·06 g, equal to 16 silver pesos. Different gold and silver coins were rated in terms of the patacón and onza, according to their domestic value.
According to law 208, it is authorized to mint 20,000 pesos in copper coin, but only about 500 pesos in coins, dated 1840, were really produced. The government set the first of these coins into circulation on 15 October 1840 and, since 1990, Uruguay has celebrated 15 October as “Día de la Numismática Nacional”.
On 13 of December 1843, copper coins and a silver peso were authorized by laws 254 and 255, in Uruguay’s long civil war, famous as La Guerra Grande. The government established a mint – La Casa de Moneda de Montevideo, that fabricate three copper denominations and a silver peso fuerte or peso del Sitio or Montevideo dollar in english.

Real – 1854–1856

Legislation of 22 July 1854 authorized the minting of gold coins (Law 414) of 1, 2, and 4 escudos (10, 20, and 40 reales), silver coins (Law 415) of 1¼, 2½, and 5 reales (125, 250, and 500 centésimos), and copper coins (Law 418) of 10, 20, and 40 centésimos. The promiscuous inner situation, complicated by struggle in Brazil and Argentina, congeal, so that the silver and gold coins were never produced. The authorized copper coinage was produced in a modified type. The mint in Montevideo closed early in 1855, later on, Uruguay’s coins were minted abroad.

Peso fuerte and Patacón 1856–1863

In 1856 the Onza de oro was revalued from 16,000 centésimos to 15,360, and the patacón to 960 centésimos to reflect new monetary legislation. Laws 523 and 524 from 13 June 1857 modified laws 414 (gold) and 415 (silver) of 1854. The same standard of weight and fineness was retained, but the denomination was changed to peso fuerte, with proposed coins of 1/8, 1/4, 1/2, and 1 peso fuerte in silver, and 2, 4, 8, and 16 pesos fuertes in gold.
The first postage stamps of Uruguay, came in October 1856 for use on mail coach routes operated by Anastasio Lapido. The denominations were 60 and 80 centavos and 1 real. A second series go after in March 1858 in denominations of 120, 180, and 240 centavos. Regular government stamps appeared in July 1859 in denominations of 60, 80, 100, 120, 180, and 240 centésimos.

Peso and Doblón 1863–1875

The National Currency Decree of 23 June 1862 made the gold doblón and the silver peso the national currency. It defined the doblón de oro, which exchanged the onza de oro. The peso was revalued to 100 centésimos, with 1 new centésimo equal to 10 old centésimos de real, the new currency being known as Sistema centesimal as opposed to the old Sistema real.
The National Currency Decree declared that until a national coinage could be minted, external silver and gold coins should keep circulate at thereupon current values. A quantity of foreign coins with their multiples and fractions, were specified and rated.
In February 1864 new postage stamps of 6, 8, 10, and 12 centésimos replaced the old denominations of 60, 80, 100.
Uruguay was in a state of disturbance and civil struggle. There were multiple runs on the banks. In January 1864 Mauá Bank experienced a brief run – it floated a loan for the government of Gen. Flores in December, and when it suffered another run in 1865, the government suspended specie payments for the two note-issuing banks and demanded forced loans. Banco Comercial showed its stability through the panic that followed. After the crisis, a new banking law was proceed, which was the signal for a boom in bank creation.In June suspension of convertibility ended.
The Overend Gurney crisis on the London financial market in May 1866 hit Uruguay, where Mauá Bank experienced another run. The government owed it large amaunts and came to its support by suspending banknote convertibility into specie until 1 December 1866. Banco Comercial and Londres y Río de la Plata were solid and did not need this cover, so when another major crisis occurred in 1868 and the government again suspended convertibility, they kept paying out gold for their notes. An economic revival followed, only to end in 1875, due to further political chaos.
The banks of Uruguay weathered the worldwide depression that started in 1873, but the government was strike down in January 1875, and Mauá Bank declared bankruptcy in February. The next government suspended payment on its London debt, and on 8 May it decreed government currency notes the only acknowledged money for legal contracts. The use of gold was forbidden and business came to a slack. Retail prices grew up and banks failed. The two surviving banks of issue – Comercial and Londres y Río de la Plata, contracted with over fifty major business firms to pay all obligations in gold, regardless of the government decree.

1875–1896 Peso (Latin Monetary Union silver)

The bottom of the economy had been reached in 1875. Uruguay had aligned its silver peso on the Spanish duro and French écu of the Latin Monetary Union in 1873 , and had posted new coin ratings in October 1873, but economic and political events prevented enforcement of the new coinage until 1877. Later on, from 1877 to 1895, silver coins of 10, 20 and 50 centésimos and 1 peso were coined on the Latin Monetary Union standard.
Meantime, the paper currency was reformed in 1875. Preceding paper money was withdrawn from circulation and new, convertible government notes were issued. This new paper peso was known as peso moneda national or peso national currency.
The economy raised after 1876 and the 1880s were a phase of prosperity and amplification. Internal peace was achieved in 1884, and there was a heavy supply of foreign capital. The Reus Law of 1887 made it simply to establish new banks, the most significant of which was Banco Nacional. Until Uruguay’s neighbors – Argentina and Brazil, were indebted to use inconvertible paper currency, Uruguay kept on to use gold.
By 1889 the stream of foreign capital was drying up, and the prices paid for Uruguay’s exports were dropping. Gold has abandoned the country, and Banco Nacional run across difficulties. The effects of the Baring financial crisis in 1890 were hard for Uruguay and Argentina. Banco Nacional’s notes were denied by some of the banks, and it suspended specie payments on 5 July 1890. Panic proceeded and businesses failed – there was a run on all the banks. In 1875, the business community and the solid banks honored their obligations in gold and declined depreciated paper. The chaos calm down on 7 July, but the affairs of Banco Nacional were a hopeless mess, and the government could not meet the interest payments on its debts. The financial crisis of 1890–1893 ruined many of the commercial banks.
After Banco Nacional fell down, the Londres y Río de la Plata’s note issue accounted for over half of Uruguay’s solid paper money. It was inconceivable to have the paper currency of an independent nation in the hands of a foreign bank, and in 1896 the government established a new national bank – Banco de la República, with a monopoly of emission.

Peso en moneda legal (gold standard) 1896–1935

In 1896 Uruguay adopted the gold standard based on a peso oro. A patent of emission was granted to El Banco de la Republica Oriental del Uruguay and the country enjoyed a solid currency and monetary stability until WWI.
The gold standard was finished in August 1914, and foreign gold coin was accepted at fixed rates of 4.70 pesos for the sovereign, 9.66 for the US eagle, and 3.73 for the 20-franc piece. The peso was at a premium versus the US dollar from 1915 until 1920. At one point in 1918 it took only 78.30 pesos to buy USD $100. The peso then devalued sharply, and at its low in 1921 it took 170.50 pesos to buy USD $100. This was followed by constant progress and Uruguay was able to go on a gold exchange standard in 1925, sustaining the previous gold par of USD $1.0342 per peso until December 1929. Exchange controls were adopted 7 September 1931. The peso devaluated and a black market became very active. After January 1933 the currency was bounded to the French franc at 12.06 francs per peso.

Peso 1935–1975

Banco de la República was not only the government bank, acting as a central bank with a monopoly of emission, it was also the biggest commercial bank in Uruguay. A law from 14 August 1935 made its issue department -El Departmento de Emisión, independent, and provided for a revaluation of the Bank’s metallic reserves by confirming the official exchange rate at 12.06 French francs to the peso. The old theoretical peso oro of 1.697 g, .917 fine, was forsaken, and bank notes were denominated in national currency. The Bank’s gold stocks were revalued by a factor of 2.2. The actual market rate in New York reached USD $0.46-0.57 per peso during 1936.
By 1941 the peso’s official rate was 1.90 to the US dollar. A complicated system of multiple exchange rates was adopted in 1946 and adjusted frequently. The year-end rate in pesos per US dollar on the free market was: 1953 – 3.04; 1957 – 4.66; 1958 – 10.20; 1959 – 11.18. Parity was registered with the International Monetary Fund on 7 October 1960 at 7.40 per USD $1, but the effective market rate remained around 11 per until 1963, when it began a precipitous decline. Year-end free market rates per US$1 were: 1963 – 17.35; 1964 – 24.35; 1965 – 69.20; 1966 – 76.50; 1967 – 199.00. This amortization reflected the reducing world market for Uruguay’s chief exports: hides, meat, wool and meat products.
Banco de la República was substituted by a true central bank – Banco Central del Uruguay, which assumed responsibility for the note issue and began operations on 1 March 1967. Exchange held at 250–260 pesos per USD $1 in 1969–1971. A currency reform was scheduled, but postponed as the peso began another rapid decline. By April 1973 the US dollar fetched 1,300 pesos on the open market.

Nuevo peso 1973–1993

The nuevo peso (UYN) replaced the peso on 1 July 1972 at 1 new to 1,000 old. The initial exchange rate was UYN 1.50 per USD 1.00, but devaluation began within two months. The average annual exchange rate, nuevos pesos per USD $1 was: 1974 – 2.30; 1975 – 2.75; 1976 – 3.40; 1977 – 4.75; 1978 – 6.13; 1979 – 7.92; and 1980 – 9.16. A managed float began on 26 November 1982 and by 1988 the average rate was N$451 per USD $1.

Since 1993 Peso uruguayo

The peso uruguayo (UYU) was adopted on 1 March 1993 to replace the nuevo peso at 1 new for 1000 old. Withdrawal of old notes of N$500 and under started immediately. Notes of 100 000, 200 000, and 500 000 nuevos pesos remained legal tender for 100, 200, and 500 pesos uruguayos until 30 April 1996.
The first banknote denominated in pesos uruguayos moneda nacional, the $20 (dated 1994), did not appear in circulation until 22 February 1995. By the end of 1995, denominations of 10, 50, 100, 200, and 500 were in circulation. A $1000 was added in 1996, and a $2000 in 2003. A new series of notes began appearing in November 2006.

The peso was originally the name of the eight-real coins issued in Mexico by Spain. These were the so-called Spanish dollars or pieces of eight in wide circulation in the Americas and Asia from the height of the Spanish Empire until the early 19th century.

After Mexico gained its independence in 1821, the new government continued the Spanish monetary system of 16 silver reales = 1 gold escudo, with the peso of 8 reales the largest silver coin. They have also issued paper money, denominated in pes.

In 1863, the first issue was made of coins denominated in centavos, worth one hundredth of the peso. This was followed in 1866 by coins denominated “one peso”. Coins denominated in reales continued to be issued until 1897. In 1905, the gold content of the peso was reduced by 49.3% but the silver content of the peso remained initially unchanged (subsidiary coins were debased). However, from 1918 onward, the weight and fineness of all the silver coins declined, until 1977, when the last silver 100-peso coins were minted.

Throughout most of the 20th century, the Mexican peso remained one of the more stable currencies in Latin America. Its becouse the economy did not experience periods of hyperinflation like the other countries in the region.
However, after the Oil Crisis of the late 1970s, Mexico defaulted on its external debt in 1982, and as a result the country suffered a severe case of capital flight, followed by several years of inflation and devaluation, until a government economic strategy called the “Stability and Economic Growth Pact” (Pacto de estabilidad y crecimiento económico, PECE) was adopted under President Carlos Salinas.

On January 1, 1993 the Bank of Mexicointroduced a new currency, the nuevo peso (MXN), written “N$” followed by the numerical amount. One new peso, or N$1.00, was equal to 1000 of the obsolete MXP pesos.

On January 1, 1996, the modifier nuevo was dropped from the name and new coins and banknotes – identical in every respect to the 1993 issue, with the exception of the now absent word “nuevo” – were put into circulation. In 1996, the word nuevo(s) was removed from the coins. New 10 pesos were introduced with base metal replacing the silver centre.

Stability of the Mexican economy helped and the growth in foreign investment, the Mexican peso is now among the 15 most traded currency units in recent years. Since the late 1990s the peso has traded at about 9 to 15 pesos per U.S. dollar.

In 2003 the Bank of Mexico began the gradual launch of a new series of bimetallic $100 coins. These number 32 – one for each of the nation’s 31 states, and one for theFederal District. While the obverse of these coins bears the traditional coat of arms of Mexico, their reverses show the individual coats of arms of the component states. The first states to be celebrated in this fashion were Zacatecas, Yucatán, Veracruz, and Tlaxcala. In circulation they are extraordinarily rare, but their novelty value offsets the unease most users feel at having such a large amount of money in a single coin. The Bank has tried to encourage users to collect full sets of these coins, issuing special display folders for the purpose, but the high cost involved has worked against them. Bullion versions of these coins are also available, with the outer ring made of gold, instead of aluminium bronze.

The inti was the currency of Peru between 1985 and 1991. It was introduced on 1 February 1985, replacing the sol which had suffered from high inflation. One inti was equivalent to 1,000 soles. Coins denominated in the new unit were put into circulation from May 1985 and banknotes followed in June of that year.

By 1990, the inti had itself suffered from high inflation. As an interim measure, from January to July 1991, the “inti en millones” was used as a unit of account. One inti en millones was equal to 1,000,000 intis and hence to one new sol. The nuevo sol (“new sol”) was adopted on 1 July 1991. Inti notes and coins are no longer legal tender in Peru, nor can they be exchanged for notes and coins denominated in the current nuevo sol.

The Nuevo Sol

The name is a return to that of Peru’s historic currency, the Sol in use from the 19th century to 1985. Although the derivation of Sol is the Latin solidus, the word also happens to mean sun in Spanish. There is a continuity therefore with the old Peruvian inti, which was named after Inti, the Sun God of the Incas.

Because of the bad state of economy and hyperinflation in the late 1980s the government was forced to abandon theinti and introduce the nuevo sol as the country’s new currency. The currency was put into use on July 1, 1991 to replace the inti at a rate of 1 nuevo sol to 1,000,000 intis. Coins denominated in the new unit were introduced on October 1, 1991 and the first banknotes on November 13, 1991. Hitherto the Nuevo Sol currently retains a low inflation rate of 1.5%, the lowest inflation rate ever in both Latin and South America. Since the new currency was put into effect, it has managed to maintain a stable exchange rate between 2.3 and 3.65 per United States dollar.

1775 Continental Currency
American colonists issued paper currency for the Continental Congress to finance the Revolutionary War. The notes were backed by the “anticipation” of tax revenues. Without solid backing and easily counterfeited, the notes quickly became devalued, giving rise to the phrase “not worth a Continental.”

1781 Nation’s First Bank
Also to support the Revolutionary War, the continental Congress chartered the Bank of North America in Philadelphia as the nation’s first “real” bank.

1785 The Dollar
The Continental Congress determined that the official monetary system would be based on the dollar, but the first coin representing the start of this system would not be struck for several years.

1791 First U.S. Bank
After adoption of the Constitution in 1789, Congress chartered the First Bank of the United States untill 1811 and authorized it to issue paper bank notes to eliminate confusion and simplify trade. The bank served as the U.S. Treasury’s fiscal agent, thus performing the first central bank functions.

1792 Monetary System
The federal monetary system was established with the creation of the U.S. Mint in Philadelphia. The first American coins were struck in 1793.

1816 Second U.S. Bank
The second Bank of the United States was chartered for 20 years until 1836.

1836 State Bank Notes
With minimum regulation, a proliferation of 1,600 local state-chartered, private banks now issued paper money. State bank notes, with over 30,000 varieties of color and design, were easily counterfeited. That, along with bank failures, caused confusion and circulation problems.

1861 Civil War
On the brink of bankruptcy and pressed to finance the Civil War, Congress authorized the United States Treasury to issue paper money for the first time in the form of non-interest bearing Treasury Notes called Demand Notes.

1862 Greenbacks
Demand Notes were replaced by United States Notes. Commonly called “Greenbacks,” they were last issued in 1971. The Secretary of the Treasury was empowered by Congress to have notes engraved and printed, which was done by private banknote companies.

1863 The Design
The design of U.S. currency incorporated a Treasury seal, the fine line engraving necessary for the difficult-to-counterfeit itaglio printing, intricate geometric lathe work patterns, and distinctive linen paper with embedded red and blue fibers.

1865 Gold Certificates
Gold Certificates were issued by the Department of the Treasury against gold coin and buillion deposits and were circulated until 1933.

1865 Secret Service
The Department of the Treasury established the United States Secret Service to control counterfeits, at that time amounting to one-third of circulated currency.

1866 National Bank Notes
National Bank Notes, backed by U.S. government securities, became predominant. By this time, 75 percent of bank deposits were held by nationally chartered banks. As State Bank Notes were replaced, the value of currency stabilized for a time.

1877 Bureau of Engraving and Printing
The Department of the Treasury’s bureau of Engraving and Printing started printing all U.S. currency, although other steps were done outside.

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.

1910 Currency Production Consolidated
The Department of the Treasury’s Bureau of Engraving and Printing assumed all currency production functions, including engraving, printing, and processing.

1913 Federal Reserve Act
After 1893 and 1907 financial panics, the Federal Reserve Act of 1913 was passed. It created the Federal Reserve System as the nation’s central bank to regulate the flow of money and credit for economic stability and growth. The system was authorized to issue Federal Reserve Notes, now the only U.S. currency produced and 99 percent of all currency in circulation.

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 microprinting were introduced, first in $50 and $100 notes, to deter counterfeiting by advanced copiers and printers.