- In the Constitution, there’s no clear-cut authorization for the federal government to print paper money. It has only been granted the exclusive right to coin money.
- Private banks issued paper money before the Civil War. Until the National Banking Act was adopted, about 8000 different banks issued currency, which caused unrestrained counterfeiting.
- Due to the shortage of precious metals, necessary for minting coins, foreign currency served as legal tender.
- Only after the discovery of gold and silver in the West, foreign coins were banned.
- The $100,000 gold certificate is the largest bill ever printed in the USA. However, it was only used between banks.
- The old shredded dollar bills are further recycled and are used for the manufacturing of building materials.
What else do you know about the USA?
Show your knowledge and wit!Play Quiz