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Published Thursday, June 27, 19 | By PaulvHill

contributed by Ronna Fleischman American money was first minted in the form of coins in 1792. Coins continue to be produced annually in denominations of $0.01, $0.05, $0.10, $0.25, $0.50, and $1.00. Also minted are gold, silver and platinum bullion, as well as commemorative coins. All of these are produced by the United States Mint. The coins are then sold to Federal Reserve Banks, which in turn are responsible for putting the coins into circulation and withdrawing them as demanded by the country’s economy. The U.S. Treasury Department first issued paper money in 1862 in order to finance the Civil War. There was a shortage of coins because people had started hoarding them in response to the uncertainty caused by the war. Because coins were made of gold and silver, their value didn’t change. People chose to hang onto them rather than buy items that might lose their value. The first paper notes were printed in denominations of 1 cent, 5 cents, 25 cents, and 50 cents. Read More 

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