U.S. Currency dates from 1861 when Demand Notes were first issued. All U.S. Currency issued from that date until now remains legal tender. Only once in the past has the Government recalled any paper currency. This happened in 1933 when the Gold Reserve Act required all holders of Gold Certificates to exchange them for ordinary currency.

Prior to 1861 other forms of paper currency circulated in the United States. Paper currency was used by the colonies while they were still under British rule since coinage was in short supply. Continental Currency was issued to finance the revolutionary war. These early bills seldom held their value and depreciated to a point where it cost more to print them than they were worth. After the Constitution was ratified the coinage system was established and the Government did not have a pressing need for paper currency. Soon after the Civil War began the United States found itself in desperate need of money to finance the war effort. This led to the Act of July 17, 1861 which permitted the Treasury Department to print and circulate money.

The Treasury Seals is a distinguishing feature of American Currency. In one form or another it has appeared on every piece of paper money issued by the Treasury Department since 1862. The Treasury Seal appears in several forms and colors. The seal contains a scale resembling the emblem of justice and a key representing official authority. Thirteen stars representing the original colonies separate these two symbols.

Except for the first two issues of fractional currency, all U.S. Currency holds the engraved facsimile signatures of two Treasury officials. Over the years a variety of signatures has appeared on U.S. paper currency, some of which are quite rare and result in increased value of the bill.

Every piece of paper money bears a date. It may be the date of an Act of Congress that authorized the issue or it may be the series year. The year appearing on a bill is not necessarily the year it was printed and issued. This is quite different to coins which are usually only struck during the calendar year on the coin.

As collectors of currency soon discover, many notes are quite difficult to obtain. This rarity can be of two kinds … either design or condition or a combination of both. Notes of rare design are in great demand and bring high prices. All Interest Bearing Notes, Compound Interest Notes and Refunding Certificates are rare. Gold Bank Notes, certain Silver Certificates and many other types of bills are also sought after by collectors.