National Dollar Day was August 8. That was the day in 1786 the Continental Congress decided the country’s money unit would be the dollar.
History
As mentioned in DYK This Eagle Was Almost a Turkey, starting a new country came with a long to-do list. The first thing, even before officially becoming a new country, was to figure out the money. In 1775, to fund the Revolutionary War, the Continental Congress authorized the creation of “Continental Currency.” Later, in 1792, Congress established the dollar as the principal unit, and the following year the Philadelphia Mint struck the first coins.
The federal government didn’t issue “paper” money until 1861. Instead, from 1793-1861, some 1,600 private banks were allowed to print their own paper money under state charters. With the approach of the Civil War, the federal government desperately needed money. Congress solved the problem by passing an act in 1861 permitting the Treasury Department to print and circulate paper money.
From 1863-1929, thousands of banks were once again allowed to print paper money, only this time they used the same design and authorized paper. Finally, in 1913, Congress established the Federal Reserve System, and in 1914, Federal Reserve Banks issued Federal Reserve money. This currency is the only money still manufactured and used today.
Did You Know…
- Paul Revere made the “Continental Currency’s” first plates. These notes were redeemable in Spanish Milled Dollars.
- The original $1 bills were coins.
- The first coins struck were presented to Martha Washington.
- A buck’s hide brought $1, so over time the dollar bill became known as “a buck.”
- From 1793-1861, 7,000 varieties of “state bank notes” (all with different designs) went into circulation.
Design
The $1 bill is a reminder of the original thirteen colonies. It contains thirteen arrows, olive leaves and fruit, flag stripes, pyramid steps, shield bars, and stars above the eagle. Also, the two mottos (“Annuit Coeptis” and “E Pluribus Unum”) contain thirteen letters, but that may just be a coincidence.
The Roman numeral “MDCCLXXVI” at the pyramid’s base stands for 1776, the date the Declaration of Independence was signed. In 1862, the first paper $1 bill featured Secretary of the Treasury Salmon P. Chase’s portrait. George Washington replaced him in 1869.
Did You Know…
- The first dollars had pictures of Roman and Greek mythology and depictions of Native Americans.
- A vignette of Christopher Columbus sighting land was to the left of George Washington on the 1869 $1 bill.
- Martha Washington appeared on the $1 Silver Certificate (1886, 1891, and in 1896 with husband, George).
- The first nonmythical, historical woman to appear on any paper money within the U.S. borders was Lucy Holcombe Pickens, South Carolina’s first lady, who appeared on the Confederate $1 bill (1862, 1863) and $100 bill (1862-1864).
- Some people see a spider or an owl in the top right corner of the one-dollar bill, just to the left of the top of the “1.” Some see a smiling, ghost-like face on the fourth step (row) of the pyramid.
- The face of a living president cannot be used on money.
Security
The last time the $1 bill changed was in 1963. It won’t happen again anytime soon because (1) the bill is seldom counterfeited and (2) a Congressionally-passed Act forbids spending money to redesign it. Since 1963, red and blue fibers have been woven into the bill and the printing is raised.
Did You Know…
- The size of today’s banknotes was set in 1928.
- Paper money is not really paper, but a combination of 75% cotton and 25% linen. It is very durable and can be folded 8,000 times before it tears. (Normal paper only withstands 400 folds.)
Federal Reserve Stats
Today’s currency is manufactured by the U.S. Bureau of Engraving and Printing. Since 1879, Massachusetts-based Crane and Co. has provided the Bureau with the paper on which it prints money.
You can track any $1 bill at WheresGeorge.com. Just enter the bill’s serial number and your zip code.
Did You Know…
- Each “buck” ($1 bill) costs 7.5 cents to produce and has a life of under five years (4.8).
- A star following the bill’s serial number means it’s a replacement bill.
- The $1 bill is not the most common bill. There are more $100 bills in circulation than $1 bills.
- All currency (banknotes), regardless of denomination, weigh approximately one gram each. Since one pound is 454 grams, one pound of currency has 454 bills. A stack of bills one mile long would contain more than 14.5 million bills.
- Most $1 bills are contaminated with various types of bacteria. A CNN report in 2017 found that almost 80% also hold traces of cocaine and other types of drugs.
- Your house may be made of money…literally. Both shingles and insulation may contain old and worn-out bills which were shredded and sold to companies to be used in building materials.