Historical Context The Story of American History Is Told in its Currency Money, money, money.
People dream about it, write songs about it, and fight over it.
From Continentals issued to finance the American Revolution, to Confederate currency backed by cotton, and today's Federal Reserve notes backed by faith in the U.S. government, the story of American history is told in its currency. As you travel through history, you'll discover that changes in American currency often came about during times of crisis, such as the American Revolution and the Civil War. Many changes in American currency resulted from necessity as the rapidly expanding country struggled to create a reliable money and banking system. Some changes in American currency reflected our country's political struggles. The historical debate over a national banking system for the country, which was first proposed by Alexander Hamilton after the American Revolution, resurfaced with the reform movement that established the Federal Reserve System in 1913.