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What Metals and Materials are Used in US Coins and Banknotes?

January 25, 2013 in Coins, Copper Coins, Gold, Gold Coins, Platinum, Platinum Coins, Silver, Silver Coins, USA Coins

By Gary Thomas (http://www.azom.com)

History of Metal Coins in USA

The United States dollar (USD/US$) is also referred to as American dollar or the U.S. dollar. It is the official currency of the United States of America and its overseas territories. One American dollar is divided into 100 smaller units called cents.

Here is a brief look into the history of currency in the U.S.:

  • In 1781, Congress chartered the Bank of North America in Philadelphia as the first national bank. It was to support the financial operations of the fledgling government.
  • In 1785, Congress adopted the dollar as the monetary unit of the United States.
  • In 1792, the Coinage Act of 1792 created the U.S. Mint and established a federal monetary system with set denominations for coins, and specified the value of each coin in gold, silver, or copper.
  • In 1861, the federal government circulated the first paper money.

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