So the Continental Congress authorized the first issue of paper money. Without the power of taxation to reinforce the paper notes, the Congress charged the bills against the faith of the "Continent." But Continental Currency was short lived. As early as 1777, the depreciation resulted in almost complete devaluation of the proposed currency.
In 1861, the first paper money of the government of the United States was issued due to the shortage of coins. Demand Notes were produced for the purpose of financing the Civil War. These notes gave the bearer the right to redeem them "on demand."" Green was selected as the color of these notes because of its availability in large quantity and its relatively high resistance to chemical and physical changes. Thus, "greenbacks- were created and soon became the main currency in the North. They were engraved and printed by private banknote companies but signed by Treasury employees.
History of the BEP.
The Bureau of Engraving and Printing can be traced as far back as August 29, 1862, in a single room in the basement of the main Treasury building where two men and four women separated and sealed by hand $1 and $2 United States Notes which had been printed by private bank note companies. After the notes had been separated, the six workers had the task of engraving each note with the signature of the Treasury officials, beginning the Bureau. Actual printing of currency by Treasury employees did not start until 1863, and by 1869 the "Engraving and Printing Bureau- was recognized by congressional legislation. The Bureau moved into its first official home on July 1, 1880. The massive building was completed for $300,000 and was ready for occupancy later that year. The building had ample space for numerous printing and engraving stations. Many additions were constructed to the building to house the Bureau's growing production needs. Some of the securities added to the Bureau's growing list during the late 1800's were Silver Certificates and Treasury Notes.
Katherine Davalos Ortega Treasurer of the United States Katherine Ortega was born on July 16, 1934 into a family of 9 other children, and had a strong emphasis on education. So it was no surprised that she graduated from high school with high honors and flying colors. She was very well...
