History of the Bureau of Engraving and Printing and U.S. Currency
History of the Bureau of Engraving and Printing and U.S. Currency
The BEP had its foundations in 1862 with workers signing, separating, and trimming sheets of United States Notes in the Treasury building. Gradually, more and more work, including engraving and printing, was entrusted to the organization.
Within a few years, the BEP was producing Fractional Currency, revenue stamps, government obligations, and other security documents for many federal agencies. In 1877, the BEP became the sole producer of all United States currency. The addition of postage stamp production to its workload in 1894 established the BEP as the nation's security printer, responding to the needs of the U.S. government in both times of peace and war.
Today, the BEP no longer produces government obligations or postage stamps, but it still holds the honor of being the largest producer of government security documents with production facilities in Washington, DC, and in Fort Worth, Texas.
The centrality of the BEP to the financial, monetary, postal, and printing developments of the United States since the Civil War has made it a repository of numerous invaluable historic items. At the same time, the BEP's history reflects and provides a unique perspective on the development of modern America.
These facts have long been recognized by the BEP, which is devoted to the preservation and exploration of its own past. Some of the work of the curatorial, archival, and historical efforts of the BEP and its Historical Resource Center (HRC) is presented on this website.
Colonial Notes 1690
The Massachusetts Bay Colony, one of the 13 original colonies, issues the first paper money to cover costs of military expeditions. The practice of issuing paper notes spread to the other colonies.
Franklin's Unique Counterfeit Deterrent 1739
Benjamin Franklin's printing firm in Philadelphia prints colonial notes with nature prints--unique raised impressions of patterns cast from actual leaves. This process added an innovative and effective counterfeit deterrent to notes, not completely understood until centuries later.
Continental Currency 1775
The Continental Congress issues paper currency to finance the Revolutionary War. Continental currency was denominated in Spanish milled dollars. Without solid backing and easily counterfeited, the notes quickly lost their value, giving rise to the phrase "not worth a Continental."
Monetary System 1792
The Coinage Act of 1792 creates the U.S. Mint and establishes a federal monetary system, sets denominations for coins, and specifies the value of each coin in gold, silver, or copper.
Greenbacks 1861
The first general circulation of paper money by the federal government occurs. Pressed to finance the Civil War, Congress authorizes the U.S. Treasury to issue non-interest-bearing Demand Notes. All U.S. currency issued since 1861 remains valid and redeemable at full face value.
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