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Private commercial banks issued banknotes in the United States from 1781 up to 1935, with only occasional governmental and semi??governmental issues. Before the Civil War there were two federally chartered note??issuing banks, namely the first and second Banks of the United States (1791?1811 and 1816?36).

Runaway inflation and the collapse of the Continental currency prompted delegates at the Constitutional Convention in Philadelphia in 1787 to include the gold and silver clause in the United States Constitution, preventing individual States from issuing their own bills of credit.

The Constitution itself prohibited state governments from issuing their own currency. The Bank of the United States was conceived in 1790 to deal with the war debt and to put the government on sound financial footing. It was intended to help fund the government's debt and issue currency notes.

On July 14, 1969, the Department of the Treasury and the Federal Reserve System announced that currency notes in denominations of $500, $1,000, $5,000, and $10,000 would be discontinued immediately due to lack of use. Although they were issued until 1969, they were last printed in 1945.

From 1863 to 1935, National Bank Notes were issued by banks throughout the country and in US territories.

In 1914, the Federal Reserve Banks began issuing Federal Reserve notes - the only currency still being manufactured today by the Bureau of Engraving and Printing.

Paper bills were first used by the Chinese, who started carrying folding money during the Tang Dynasty (A.D. 618-907) ? mostly in the form of privately issued bills of credit or exchange notes ? and used it for more than 500 years before the practice began to catch on in Europe in the 17th century.