How has paper currency evolved throughout history in United States? The lecture of this Unit will begin by introducing the importance of existence of money throughout history, how it was designed, evolved and printed. The existence of money as a medium of exchange and as means of buying and selling goods or services dates back to at least 3000 BC when Sumerians began using metal coins in place of bartering with barley. Interestingly, the use of paper money originated in China during seventh century; conversely it is an uncertain value as opposed to the more universally accepted value of silver and gold coins led to widespread inflation and bankruptcy. This did not lead to devaluation of money as paper money entered in the circulation again …show more content…
Each engraver is responsible for a single portion of a design allowing product to be done in an efficient manner. For example, one individual is responsible for doing the portrait, while other works on the numerals. Additionally, the portrait on the face of each bill varies by the denomination. For instance, George Washington appears on the $1 bill, Abraham Lincoln on the $5 and Benjamin Franklin on the $100 bill. These individuals were selected based on their importance in the history and the fact they were very well known in the public. Additionally, there are five major steps to the production of paper money in United States. These steps include Engraving the master die, Making the master printing plate, Printing the front and back of the bills, Printing the colored Treasury seal and serial numbers and Cutting and Wrapping the bills. Significantly, despite the use of high quality paper and inks, the average life of a one-dollar bill in circulation is roughly about 18 months. When a bill has been defaced, torn or worn in a manner that it is no longer identifiable or usable; it is taken out of circulation and returned to the Federal Reserve Banks for a destruction through a process known as