The dollar was not in circulation - what money was valued in the USA before.

How the First Currency Appeared in the USA

When the first settlers arrived in the territory of present-day United States of America (USA), they brought with them gold and English coins. However, they did not have much money, so they offered the indigenous peoples barter - exchanging corn, tobacco, or other goods for necessary items, products, or services. Meanwhile, the British authorities prohibited the colonists from exporting gold coins and minting their own money.

War and the Appearance of the Continental Dollar

This led to the colonists declaring their Declaration of Independence in 1776, and in 1783 they managed to free themselves from British rule.

'Congress issued a huge amount of paper notes to pay, clothe, arm, and feed their troops and equip our ships; and with these notes, without taxes during the first three years, they fought and struck one of the most powerful countries in Europe,'

These paper banknotes, essentially IOUs, were called the Continental Dollar in honor of the Continental Congress.

The Dollar in the USA

In 1785, the dollar was officially recognized as the currency of the USA. The first dollar bills were printed 70 years later - in 1861. These banknotes were called 'greenbacks' by Americans because the back side of the money was colored green.

It is noteworthy that Ukrainians sometimes find it quite difficult to exchange certain dollar banknotes, especially those issued in 1996. We have also reported on foreign currencies that can be confiscated when crossing the border, in particular, problems arise with undeclared cash amounts over 10,000 euros equivalent.

In ancient times in American colonies, established by the first settlers, the appearance of the first currency began with the exchange of corn and tobacco for necessary items; after the war with the British, the Continental Dollar emerged, and in 1785 the American dollar was officially adopted as the recognized currency of the country.