when was paper money used in the us
Early American currency One by one, colonies began to issue their own paper money to serve as a convenient medium of exchange. In 1690, the Province of Massachusetts Bay created "the first authorized paper money issued by any government in the Western World."[3] This paper money was issued to pay for a military expedition during King William's War. Other colonies followed the example of Massachusetts Bay by issuing their own paper currency in subsequent military conflicts.[3]
Large denominations of United States currency Large-denomination currency (i.e., banknotes with a face value of $500 or higher)[1] had been used in the United States since the late 18th century.[2] The first $500 note was issued by the Province of North Carolina, authorized by legislation dated May 10, 1780.[3] Virginia quickly followed suit and authorized the printing of $500 and $1,000 notes on October 16, 1780[4] and $2,000 notes on May 7, 1781.[5] High-denomination treasury notes were issued, for example during the War of 1812 ($1,000 notes authorized by an act dated June 30, 1812).[6] During the American Civil War Confederate currency included $500 and $1,000 notes.[7] During the Federal banknote issuing period (1861 to present), the earliest high-denomination notes included three-year Interest-bearing notes of $500, $1,000, and $5,000, authorized by Congress on July 17, 1861.[8] In total, 11 different types of U.S. currency were issued in high-denomination notes across nearly 20 different series dates. The obverse of United States banknotes generally depict either historical figures, allegorical figures symbolizing significant concepts (e.g., liberty, justice), or a combination of both. The reverse designs range from abstract scroll-work with ornate denomination identifiers to reproductions of historical art works.