History of Money

Money! Decisions about money are all around - how to get it, keep it, spend it, or save it. The United States Department of Treasury’s Bureau of Engraving and Printing Office provides a unique perspective on the history of U.S. money. The U.S. Treasury began processing and issuing paper currency as early as 1861. Before currency was processed by machine, workers signed and trimmed sheets of Demand Notes by hand in the Treasury Building. On August 29, 1862, a new engraving and printing workshop began processing the notes and it became the basis for the current Bureau of Engraving and Printing. It eventually produced currency, revenue stamps, government obligations (like U.S. savings bonds), and other security documents. In 1877, the Bureau of Engraving and Printing became the sole producer of all U.S. currency. Postage stamp production was added in 1894 and established the Bureau as the nation’s security printer.

Today, the Bureau is the largest producer of U.S. Government security documents, with production facilities in Washington, DC and in Ft. Worth, Texas. The history of currency can be fascinating and somewhat confusing. For example, there were more than five types of currency one person could have in their wallet before the late 20th century. A person could have denominations ranging from three cents up to $10,000! Imagine trying to break that bill at the grocery store. In addition to the history of the Bureau and currency, there is historical legislation about counterfeiting, defacement, and other laws relating to money and definitions of money as we know it today. The next time you get money from your wallet, remember that you’re handling a piece of history!