Timeline

• 10.05.1775
• Resolution of the 2nd Continental Congress on the issuance of common paper money for all states to finance the war of liberation, denominated in Spanish Dollar (so-called "Continental Dollar"), to be converted into specie after the war; effective immediately. Rating of the States' currencies:
  - Georgia: Spanish Dollar = 5 Shillings Current
  - Connecticut, Massachusetts, New Hampshire, Rhode Island, Virginia
  - Delaware, Maryland, New Jersey, Pennsylvania: Spanish Dollar = 7½ Shillings Current
  - South Carolina: Spanish Dollar = 32½ Shillings Current.
• 09.07.1778
• Constitution [Articles of Confederation], article No. IX gives the U.S. Congress the exclusive right to issue coins and emit bills of credit (withdrawing the States' rights); effective 01.03.1781.
  - Transferred to article 1, sect. 8-10 of the United Staes Constitution.
• 1779-1790
• Withdrawal of the "Continental Dollar"
  - 20.03.1780: Congress resolution, allowed the States to apply an exchange rate of 1 Spanish Dollar (silver) = 40 "Continental Dollar" (paper), further reduced by taxation; effective immediately
  - 04.08.1790: Law [Funding Act] on the payment of United States debts, reduced the exchange rate to 1 : 100.
• 26.05.1781
• Resolution of the 2nd Continental Congress on the establishment of the "Bank of North America" as state-owned commercial bank; effective upon constitution of the bank on 07.01.1782.
  - The charter got revoked in September 1785, and the bank continued as private commercial bank until 1929..

Timeline

• 06.07.1785
• Resolution of the 3rd Continental Congress on the creation of the Dollar as currency unit; effective immediately.
  - 08.08.1786: Resolution of the 3rd Continental Congress on the issuance of gold (10, 5 Dollars, called 1, ½ Eagle), silver (0.50, 0.20, 0.10 Dollar), and copper coins (¹⁄₁₀₀, ¹⁄₂₀₀ Dollar, called 1, ½ Cent); effective immediately but no coins were produced.
  - 17.10.1786: Law on the establishment of a mint for the production of the coinage; effective immediately but not implemented.
• 31.07.1789
• Law on the rating of foreign gold and silver coins; effective immediately:
  - British Pound at 4.44 US Dollars, French Livre at 0.18½ US Dollar, Portuguese Milreis at 1.00 US Dollar, etc.
• 25.02.1791
  03.03.1791
• Law [Bank Bill] on the establishment of the (First) "Bank of the United States" as public-private commercial bank with a 20 years' charter; effective 04.03.1791 (by amendment of the law on 03.03.1791).
  - The charter expired on 04.03.1811 and was not extended, and the bank got liquidated afterwards.
• 02.04.1792
• Law [Coinage Act], revising the 1786 acts, on the issuance of gold, silver, and copper coins and on the establishment of a mint; effective immediately
• 30.06.1812
• Law on the (first) issuance of state treasury notes; effective immediately.
  - Followed by several similar acts until 1860; the treasury notes were frequently interest-bearing.
• 10.04.1816
• Law on the establishment of the (First) "Bank of the United States" as public-private commercial bank with a 20 years' charter; effective immediately.
  - Privatized in February 1836 (before expiry of the charter) and liquidated in 1841.
• 28.06.1834
• Law [Coinage Act] on the reduction of the weight of the gold coins; effective 01.07.1834
• 18.01.1837
• Law [Coinage Act], revising the 1834 act, on the increase of the fineness of the silver coins; effective immediately
• 21.02.1857
• Law [Foreign Coinages Act] on the termination of legal tender status of the Spanish Dollar (and fractions); the coins were still to be accepted at public offices but not re-issued; effective immediately
• 11.07.1862
• Law on the issuance of additional state notes (so-called "United States Notes - Legal Tender Notes"); effective immediately.
• 25.02.1863
• Law [National Bank Act] on the creation of a national paper currency by setting conditions on the issuance by commercial banks (ending the so-called "free banking era"); effective immediately (amended on 03.06.1864)
• 12.02.1873
• Law on the suspension of the issuance of silver Dollar coins, except of "Trade Dollars" for foreign trade; effective immediately.
  - 28.02.1878: Law [Bland-Allison Act] on the resumption of the issuance of silver Dollar coins; effective immediately.
  - 03.03.1887: Law on the withdrawal of the "Trade Dollar" and exchange within six months; effective immediately.
• 14.03.1900
• Law [Gold Standard Act] on the transition to the gold standard; effective immediately
• 23.12.1913
• Law [Federal Reserve Act] on the establishment of a central bank system with the issuance privilege for paper money ; effective upon constitution of the bank on 16.11.1914
• 09.03.1933
• Law [Bank Conservation Act] on the suspension of gold convertibility; effective immediately
  - 05.04.1933: Presidential decree [Executive Order No. 6102] on the obligation to render physical gold and gold certificates exceeding 100 US Dollars in value until 01.05.1933 (and within three days afterwards); effective immediately.
• 30.01.1934
• Law [Gold Reserve Act] on the restoration of the gold standard; effective immediately.
• 15.08.1971
• Presidential proclamation on the (temporary) suspension of gold convertibility; effective immediately.
  - 31.03.1972: Law [Par Value Modification Act, No. 92-268] on the establishment of a new gold par value for the Special Drawing Rights; effective immediately.
  - 21.09.1973: Law [Par Value Modification (Amendment) Act, No. 93-110] on the devaluation of the gold par value for the Special Drawing Rights; effective immediately:
  - 19.10.1976: Law [Bretton Woods Agreements (Amendment) Act; No. 94-564] on the abolition of the gold par values for the Special Drawing Rights; effective per International Monetary Fund resolution on 01.04.1978.

Valuation Regimes

• 1785-1900
• Metallic currency based on circulating gold and silver coins. Base weight was the English troy pound / 16 ounces / 480 grains at 373.242 grams.
• 1900-1933
• Metallic currency based on circulating gold coins. Base weight was the English troy pound / 16 ounces / 480 grains at 373.242 grams.
• 1934-1971
• Fixed rate against gold
• 1971-
• Variable rate