When the first colonists arrived in America in the 17th century, money was in such short supply they bartered with native Americans using Wampums, or cowrie shells, to survive. Show more

In 1785, nine years after the declaration of independence, the leaders of the newly-established republic declared that the dollar would be the monetary unit of the United States. Show more

Convinced of the need for some central control over monetary policy, secretary of the treasury Alexander Hamilton champions the establishment of a prototype central bank in 1791. Show more

Before the Civil War, any bank could produce its own dollar bills, which made life easier for counterfeiters and more difficult for traders. Show more

Graham Ingham looks at the circumstances that eventually led to the establishment of the Federal Reserve in 1913. Show more