“In God We Trust” Made Official US Motto
Although it had appeared on American coins for 92 years, “In God We Trust” didn’t become America’s official motto until July 30, 1956.
Currency
New York Stock Exchange Established
On March 8, 1817, the New York Stock Exchange was established out of a reorganization of stockbrokers working under the Buttonwood Agreement. Today, it’s the world’s largest stock exchange, with its trading numbering over $25 trillion.
First Paper Money Issued in America
On February 3, 1690, the Massachusetts Bay Colony issued the first paper money in America. Known as a “bill of credit,” it was a popular experiment that was quickly put into use in the other colonies.
Birth of Paul Revere
Paul Revere was born on January 1, 1735, according to the modern calendar in the North End of Boston. In 1775, he went on a famous ride to warn of the arrival of British troops. After the war, he earned a name for himself as a silversmith.
Federal Reserve Established
On December 23, 1913, President Woodrow Wilson signed the Federal Reserve Act, establishing America’s current central banking system. Commonly known as the “Fed,” this independent governmental agency manages the country’s supply of money and credit.
Silver Tax Stamps
On June 19, 1934, Congress authorized the use of Silver Tax stamps. These stamps paid the tax on profits from the transfer of silver bullion as a result of the Silver Purchase Act of 1934.
Emergency Banking Act
On March 9, 1933, President Franklin Roosevelt signed legislation authorizing the Emergency Bank Act (EBA) to provide financial relief during a Depression-era banking crisis.
American Numismatic Association
On October 7, 1891, the American Numismatic Association (ANA) was founded in Chicago, Illinois.
Postage Currency
On August 21, 1862, Postage Currency was issued to make business transactions easier during the Civil War.