In the early days of the nation, before and just after the revolution, Americans used English, Spanish, and French money. In 1690 the Massachusetts Bay Colony issued the first paper money in the colonies which would later form the United States. In 1785 the Continental Congress determined that the official monetary system would be based on the dollar, but the first coin representing the start of this system would not be struck for several years. The Federal Reserve Act of 1913 created the Federal Reserve System as the nation’s central bank to regulate the flow of money and credit for economic stability and growth. The system was authorized to issue Federal Reserve Notes, now the only U.S. currency produced and 99 percent of all currency in circulation.
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