During the Civil War, the US government printed paper money for the first time

There have been many versions of US banknotes throughout history

From the Civil War to the present day, the US has gone through many, many versions of paper money (or “notes”). Some notes, like “demand notes,” were created to finance the Civil War. Others, like “treasury notes,” helped pay for silver.

How US currency is issued

Cash in the US is the result of a collaborative process between the Federal Reserve, the Treasury Department, regional banks, and a little-known agency called the Bureau of Engraving and Printing. From design to issuance, learn the steps in currency production in the US with this smart, aesthetic interactive.

Throughout most of the 1800s, US currency was backed by silver and gold

In post-Civil War America, the government moved to use only the gold standard. This was how US currency was backed for decades in the US. You can read a comprehensive explainer on the gold standard and its history in the US to learn more.

The United States had a washing machine that cleaned dirty dollar bills

In the early 1900s, the US Treasury Department had a machine that washed and ironed old, soiled paper bills. The machine helped the Treasury save money by decreasing printing costs for new dollar bills, but had nothing to do with the modern understanding of money laundering.

The Mint’s first circulating coins were 11,178 copper cents

Congress authorized the first national mint in Philadelphia. The next year, the Mint delivered its first circulating coins, which were bigger than today’s quarters. This article shows more early US currency.

The US once had a $100K bill

There are currently seven denominations of paper money, with the highest value reaching $100. But there used to be more that have since been discontinued, including bills that sported the faces of President William McKinley and President James Madison.

The portrait of George Washington was first placed on the one-dollar bill in 1869

Trace the history of the US dollar from its colonial roots to its adoption as the national currency. The video explores the word's Germanic origins, how the dollar sign evolved from the Spanish peso, and how Washington's portrait came to define US paper currency.

Hamilton has appeared on US paper currency since the Civil War

Since the US began printing money in 1861, Alexander Hamilton has appeared at different times on the $5, $2, $20, $50, $500, and $1000 bills. Since 1928, he has remained on the $10 bill—making him, alongside Benjamin Franklin, one of the two non-presidents currently on US currency.

Every printed bill has its own unique serial number

In the US, each bill also has its own plate number, series year, Treasury seal, and more. Each design helps track money and combat counterfeiting.

The Secret Service was originally formed to combat counterfeiting

By the 1860s, an estimated one-third of US currency in circulation was counterfeit. In 1865, the Secret Service was created specifically to combat the country's serious counterfeiting problem, which had led to widespread financial instability. This was partly due to the lack of federal currency standardization in the country at the time.

Colonial Americans used tobacco, wampum, and land-backed notes to solve a chronic coin shortage

British coins rarely circulated in the colonies due to an unfavorable trade balance, forcing colonists to improvise. They traded in Spanish dollars, Native American shells, tobacco warehouse receipts, and eventually paper money backed by land rather than gold.

The $1 bill hasn’t been redesigned in over 60 years

From a counterfeiting and forgery perspective, this makes the $1 bill one of the least secure American banknotes. In this video, the Wall Street Journal sits down with a leading currency expert to explore the techniques used to keep cash safe and figure out what's going on with the $1 bill.

Hamilton created the First Bank of the United States

As Treasury secretary, Alexander Hamilton proposed the First Bank of the United States to stabilize national finances—serving as the government's fiscal agent, managing debt, and expanding credit through a public-private banking model.

The US has carried debt since 1791

After the Revolutionary War, the US owed $75M to nations like France. Debt builds when spending exceeds revenue, funding programs, wars, and economic recovery efforts. Most debt is domestic, like Social Security bonds, with foreign nations also holding a share.

The concept of CDs dates back to the 1600s in Europe

Banks in the US started issuing CDs in the early 1800s as the banking system began to take shape following the Revolutionary War. The federal government did not formally insure CDs until the FDIC was formed in 1933.

On July 1, 1862, the agency now known as the Internal Revenue Service was established and named the Bureau of Internal Revenue

It was created to collect the first-ever US income tax, which was created to help pay for the Civil War. After gaining their independence from Britain, Americans were skeptical about giving the federal government absolute power to collect federal income taxes. As a result, early US tax laws dictated that direct taxes, like income taxes, had to be directly apportioned to a state's population. The nation went back and forth on its federal tax laws multiple times. For instance, in 1872, the income tax from the Civil War was repealed. But it was revived in 1894, and then repealed again in 1895. In 1913, Congress passed the 16th Amendment, giving Congress the power to levy income taxes on individuals and corporations without apportioning the burden among the states in line with population, once and for all.

Andrew Jackson was the first and only president to eliminate the national debt

After Jackson slashed spending and began selling federal land, the government was accumulating more money than it was spending. The situation was unprecedented, but it didn’t last. Too much money was being printed and land prices rose to unsustainable levels. Within a year, the economy tumbled into a depression.

Bills passed during the Civil War shaped postwar America

Despite the war with the South, Congress passed transformative laws like the Homestead Act and the Morrill Land-Grant College Act, which encouraged westward settlement and expanded higher education.

Congress mandated that the Fed streamline check payments

When it was first created in the 1910s, the Federal Reserve System became a crucial link between the nation's regional banks. The increasing number of checks used by the thousands of banks across the nation required a central operator, and the Fed was uniquely positioned to help. Learn more about the role the Fed played in the history of checks.

Minting a coin that can pay off the federal debt has been proposed as a quick fix to rampant borrowing

It’s uncertain how financial markets would react to such a large cash injection. Some economists warn it could trigger massive inflation. Others say the nation needs a clean slate.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

What is the function of money?

Nearly everyone uses some form of money to facilitate day-to-day activities, but what is it, anyways? Economists define money as anything that can be accepted as final payment for goods and services. Shells, beads, corn, and a wide range of objects have acted as money throughout history—explore the common but deceptively abstract concept of money in this eight-minute podcast from the Federal Reserve.

American Express debuted its first charge card in 1958 to give travelers access to cash abroad

The original American Express charge card was made of purple paperboard and allowed customers to book travel. Unlike credit cards, the card's balance had to be entirely paid off each month. When the card first launched, 250,000 customers used it, and 17,500 companies had agreed to accept it.

See rare Civil War photographs preserved by the National Archives

The Civil War was the first major American conflict documented by a camera, with its images distributed widely to the public. The National Archives' digital collection offers thousands of original Civil War images: portraits, battlefields, hospitals, and everyday life.

Calculate the value of a paper savings bond

An IRS tax refund is the only way to buy a paper savings bond, but if you have an old paper savings bond you can determine its current value with this calculator. The calculator only works for paper savings bonds of Series EE, Series I, Series E, and savings notes.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

North Carolina's original copy of the Bill of Rights was stolen during the Civil War and recovered 138 years later

A Union soldier looted the document from the state archives in 1865 and sold it for $5. It remained in private hands for more than a century before an undercover FBI agent posing as a buyer seized it in 2003 at a Philadelphia office building.

The original copy of the Declaration of Independence is not a pristine document, and even features a smudged anonymous handprint in the bottom left corner.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

Trace how the Bill of Rights, inspired by centuries of political theory, took shape between 1774 and 1789.

After the Boston Tea Party, colonists switched to coffee, which became the main morning drink for revolutionaries.

Roughly 43 million US borrowers owe roughly $1.7T in student debt, the second-largest source of consumer debt behind mortgages.

The USPS spent $3.97B in 2024, accounting for .058% of the federal budget.

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

The power and influence of the American presidency have expanded significantly over time—far beyond what the founders envisioned.

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

A century of Billboard issues documenting the evolution of popular music.

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

See how fireworks are made and learn how metals like magnesium and copper are responsible for different colors.

The concept of phantom limbs, the perception that amputated limbs are still present, dates back to a French military surgeon in the 16th century.

Mid-century modern graphic designers, known for their bright colors and bold lines in advertising, also found success with children's books.

Sears sold DIY house kits starting at $600 in its famous catalog from 1908 through the 1940s, resulting in roughly 10,000 'Sears and Roebuck houses' being built.

Long before Major League Baseball began allowing instant replay for balls and strikes, an umpire reluctantly used the technology to determine whether a hit was a home run, a move that inadvertently ushered in a new era for the sport.

As of 2025, the most cited papers in science include a review of graphene, methods to improve image recognition, streamlining electron density calculations, and optimizing protein studies.

The Beatles' US label rejected the band's first two singles, 'Please Please Me' and 'From Me to You,' with one executive calling the band 'dead in the water.'

An initial public offering or 'IPO' is the process of a private company becoming public by putting shares of the company on the stock market for purchase.

English mathematician Ada Lovelace wrote the first computer algorithm a century before computers existed and hypothesized that computing devices would one day be able to compose music—foreseeing the generative AI systems of today.

'Shogun,' a 1980s TV series, helped popularize sushi in the US by stimulating an American interest in Japanese culture.

Bone marrow (soft tissue found inside certain bones) generates roughly 500 billion new blood cells each day

Ebola species have historically been named after where they were discovered, stigmatizing residents who live there, including Bundibugyo, in Uganda.