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8 Things You May Not Know About American Money

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On February 25, 1863, President Abraham Lincoln signed the National Banking Act (originally known as the National Currency Act), which for the first time in American history established the federal dollar as the sole currency of the United States. On the law’s 150th anniversary, explore eight surprising facts about American money. TIMELIME OF AMERICAN BILLS: https://www.uscurrency.gov/content/history-american-currency 1. The Constitution only authorized the federal government to issue coins, not paper money. Article One of the Constitution granted the federal government the sole power “to coin money” and “regulate the value thereof.” However, it said nothing about paper money. This was largely because the founding fathers had seen the bills issued by the Continental Congress to finance the American Revolution—called “continentals”—become virtually worthless by the end of the war. The implosion of the continental eroded faith in paper currency to such an extent that the Constitu