Banknotes of the United States

Banknotes of the United States
Name	United States banknotes
Caption	United States paper currency
Country	United States
Denomination	Various
Years of printing	1690–present

Banknotes of the United States are paper banknotes and currency issued for use as Legal tender in the United States and its territories, circulated and regulated through institutions including the United States Department of the Treasury, the Federal Reserve System, and historical entities such as the Continental Congress, the Confederate States of America, and the First Bank of the United States. Over three centuries they have reflected political change during eras marked by figures like George Washington, Alexander Hamilton, Abraham Lincoln, and institutions such as the Banking Act of 1935, the National Banking Acts, and the Coinage Act of 1792.

History and Evolution

United States paper currency evolved from colonial-era issues like those of Massachusetts Bay Colony, the Province of Pennsylvania, and the Connecticut General Assembly to Continental currency issued by the Continental Congress during the American Revolutionary War, which competed with specie and notes from the Bank of North America and the First Bank of the United States. The 19th century saw Demand Notes and United States Notes issued during the American Civil War by the United States Department of the Treasury and rival instruments from the Confederate States of America and private institutions such as the Second Bank of the United States, the Bank of New York, and the National Banking System created under the National Banking Acts. Legal and institutional transformations—driven by events like the Panic of 1907, the establishment of the Federal Reserve System in 1913, and legislation including the Gold Reserve Act of 1934—shaped modern Federal Reserve Notes, Silver Certificates, and Gold Certificates. Twentieth-century redesigns paralleled landmark administrations including those of Franklin D. Roosevelt and Richard Nixon, responding to monetary policy, the end of the Bretton Woods Conference arrangements, and technological advances from firms such as the Bureau of Engraving and Printing.

Design and Security Features

Design and anti-counterfeiting features combine portraiture, engraving, paper, and inks produced by firms and agencies like the Bureau of Engraving and Printing, the United States Mint (for coin-related motifs), and private contractors who supplied intaglio presses and special substrates. Portraits of leaders such as Thomas Jefferson, Benjamin Franklin, Ulysses S. Grant, Andrew Jackson, and Alexander Hamilton anchor obverse designs, while reverse imagery invokes sites like the United States Capitol, Independence Hall, Monticello, and symbols tied to the Great Seal of the United States. Security evolved from intricate line engraving associated with Charles S. Reeves to modern measures like microprinting, color-shifting inks developed in partnership with firms such as Giesecke+Devrient, embedded security threads, watermarks, and motion-based features akin to innovations by De La Rue. Printing techniques include intaglio printing and offset lithography, with substrates incorporating cotton-linen blends patented by manufacturers in Philadelphia, fiber inclusions, and anti-photocopy patterns used alongside serial-numbering systems linked to Reserve Banks such as Federal Reserve Bank of New York, Federal Reserve Bank of San Francisco, and Federal Reserve Bank of Chicago.

Denominations and Series

Denominations have ranged from fractional banknotes issued by colonial assemblies to high-denomination Federal Reserve Notes like the historic $500, $1,000, $5,000, and $10,000 notes featuring figures such as William McKinley and Salmon P. Chase—most withdrawn in the 1960s—while contemporary circulation predominantly uses $1, $2, $5, $10, $20, $50, and $100 notes bearing portraits of George Washington, Thomas Jefferson, Abraham Lincoln, Alexander Hamilton, Ulysses S. Grant, and Benjamin Franklin. Series designations reflect issuance years and redesigns—examples include the Series 1928, Series 1957, Series 1996, Series 2004A, and Series 2013—and special issues like Silver Certificates, Gold Certificates, National Bank Notes, and Treasury Notes. Commemorative and emergency series emerged during crises such as World War II (including Hawaii overprint notes) and the Civil War period, while proposed new designs have invoked artists, historians, and advisory commissions including the Secretary of the Treasury and the Citizens Coinage Advisory Committee.

Production and Issuing Authorities

Production is principally by the Bureau of Engraving and Printing, with facilities in Washington, D.C. and Fort Worth, Texas, using plates, presses, and paper sourced from suppliers in Philadelphia and international vendors. Issuing authority rests with the Federal Reserve System, organized into twelve regional Reserve Banks such as Federal Reserve Bank of Boston and Federal Reserve Bank of Atlanta, which distribute notes printed by the Bureau of Engraving and Printing and manage currency circulation with guidance from the Board of Governors of the Federal Reserve System. Historical issuers include the Continental Congress, the Confederate States of America, the First Bank of the United States, the Second Bank of the United States, private national banks chartered under the National Banking Acts, and the Treasury Department which issued United States Notes and managed redemption policies.

Circulation, Counterfeiting, and Legal Tender

Circulation patterns reflect economic centers such as New York City, Philadelphia, Chicago, and San Francisco, and respond to crises like the Panic of 1893 and Great Depression. Counterfeiting has prompted legal and institutional responses through statutes and enforcement by agencies including the United States Secret Service, the Department of Justice, and federal courts such as the United States District Court for the Southern District of New York. Landmark prosecutions involving counterfeit rings and operations in cities like Miami, Los Angeles, and New Orleans led to enhanced penalties codified in legislation including amendments to the Counterfeiting and Forgery Act and cooperation with international partners such as Interpol and the Financial Action Task Force. Legal tender status is determined under federal statutes and interpreted in courts including the United States Supreme Court and has been subject to policy debates involving the Treasury Department and members of Congress like Henry Clay in historical contexts.

Collecting and Numismatic Value

Numismatics and paper money collecting involve institutions such as the American Numismatic Association, auction houses like Heritage Auctions and Stack's Bowers Galleries, grading services including the Professional Coin Grading Service and Paper Money Guaranty, and museums such as the National Numismatic Collection at the Smithsonian Institution. Rarity, series, plate position, signatures of officials such as Stephen A. Higginson (historical examples), and provenance—linked to collections of figures like J. Pierpont Morgan and estates from Alfred C. Taft—drive market values for notes like the 1890 $1,000 Treasury Note, 1934 Gold Certificate issues, and rare National Bank Note charters. Collecting communities convene at events including the World's Fair expos, conventions of the American Numismatic Society, and regional shows in Boston, Baltimore, and Cleveland, while scholarship appears in journals published by the American Numismatic Society and the Numismatic Guaranty Corporation.

Category:Banknotes of the United States Category:Currency