Overview of U.S. Paper Money
A complete guide to every category of U.S. paper currency ever issued — what made each type unique and why most no longer exist.
The United States has issued many distinct types of paper money since the founding era. Each type reflects the political, economic, and monetary debates of its time. Understanding the full range of U.S. currency types is essential for serious collectors and anyone interested in American financial history.
Major Types of U.S. Paper Currency
Here is a complete chronological overview of every major category of U.S. paper currency:
| Type | Years Active | Issuer | Status |
|---|---|---|---|
| Continental Currency | 1775–1779 | Continental Congress | Discontinued; worthless by 1781 |
| Demand Notes | 1861–1862 | U.S. Treasury | Discontinued; redeemable at face |
| United States Notes (Legal Tender Notes) | 1862–1971 | U.S. Treasury | Discontinued; still legal tender |
| Compound Interest Treasury Notes | 1863–1864 | U.S. Treasury | Discontinued; all redeemed or collected |
| Interest-Bearing Treasury Notes | 1861–1865 | U.S. Treasury | Discontinued |
| Fractional Currency | 1862–1876 | U.S. Treasury | Discontinued; still legal tender |
| National Bank Notes | 1863–1935 | Nationally chartered banks | Discontinued; still legal tender |
| Gold Certificates | 1865–1933 | U.S. Treasury | Discontinued; not redeemable for gold; legal tender |
| Silver Certificates | 1878–1964 | U.S. Treasury | Discontinued; not redeemable for silver; legal tender |
| Treasury Notes (Coin Notes) | 1890–1893 | U.S. Treasury | Discontinued; all redeemed |
| Federal Reserve Bank Notes | 1915–1945 | Individual Federal Reserve Banks | Discontinued; still legal tender |
| Federal Reserve Notes | 1914–present | Federal Reserve System | Current; the only type in general circulation |
All U.S. currency, regardless of type or age, remains legal tender for all debts public and private — meaning a store cannot legally refuse to accept an old Silver Certificate or National Bank Note at face value. However, since most of these notes are worth far more to collectors than their face value, you would virtually never spend one.
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More in Types of U.S. Currency
Continental Currency (1775–1779)
America's first paper money — printed to fund the Revolutionary War, destroyed by British counterfeiting, and so thoroughly debased it gave English the phrase "not worth a Continental."
Demand Notes (1861–1862)
The first paper money issued by the United States government in the Civil War era — the original "greenbacks," redeemable on demand for gold coin.
United States Notes / Legal Tender Notes (1862–1971)
The "greenbacks" of Civil War fame — the first fiat currency of the United States, issued without gold backing, and the subject of fierce constitutional debate.