Us Paper Money

US paper money is a form of currency that dates back to the tradition started in Europe in the 1700s. The paper money represented a real amount of silver or gold that was held for later exchange. It was actually a promise that the institution of issue would give the holder of the bill the amount of silver or gold equal to the amount on the paper money. This type of exchange initiated the statement, 'backed by gold.'Forms of currency changed following World War II. The use of large magnetic reels to record the day's transactions to the Federal Reserve Bank eliminated the need for the large denomination bills. US paper money in denominations such as the $500, $1,000, $5,000, and $10,000 bills became very rare. Some of the US paper money of interest includes the 1865 Gold Certificates and the 1878 Silver Certificates. Collectors pay close attention to the changes in paper money just as they do in coins. For instance, in 1913, the Federal Reserve Act authorized the issue of Federal Reserve Notes. According to the action of Congress in 1955, the inscription 'In God We Trust' is on all currency from Series 1963 and later.Sets of US paper money are available for collectors. These include various denominations of the Silver Certificate, Federal Reserve Note, and the United States Note. Since 1914, all US dollar banknotes have been printed by the Bureau of Engraving and Printing. Many changes have been applied through the years to fight counterfeiting technology, and these changes have led to a diversified supply of paper money, much to the delight of collectors.