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 The Federal Reserve began taking high-denomination currency out of circulation (destroying large bills received by banks) in 1969. As of MayÂ 30, 2009[update], only 336 $10,000 bills were known to exist; 342 remaining $5,000 bills; and 165,372 remaining $1,000 bills.[10] Due to their rarity, collectors often pay considerably more than the face value of the bills to acquire them. Some are in museums in other parts of the world.