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Collecting Dollars Makes Sense Rare Currency is a Popular Collectible BY JOSEPH M. BISSELL One of the fastest growing areas of interest for numismatic collectors is in United States paper money. Originally issued by the colonies prior to the American Revolution, the beginnings of U.S. currency predate the birth of the nation by nearly a century. The Massachusetts Bay Colony used paper currency to pay troops for a military venture into Canada in 1690; other colonies soon followed suit by issuing currency to pay their militias for defending the frontiers against hostile American Indians. In 1775, the Continental Congress authorized the issue of Continental Currency, backed by the anticipated tax revenues, but these notes became devalued to the point of being virtually worthless. A decade later, the Continental Congress decreed that the monetary system of our fledgling country would be based on the dollar, although the first dollar coin was not issued until 1794. Nonetheless, the system of measurement was established. By 1836, about 1,600 privately owned banks operating under state charters were authorized to issue currency, which resulted in mass confusion with over 30,000 variations in design. Confusion worsened and brought the system into question after the failure of some of these institutions. Gold backing, held in reserve by the Government to cover the face value of each note, was initiated with the issuance of Gold Certificates in 1865. These certificates helped establish confidence in paper money, but were required to be surrendered in 1933 by the Gold Reserve Act. The act was lifted in 1964, at which time gold notes became openly and widely collected. In 1866, National Bank Notes were issued by nationally charted banks and backed by securities of the U.S. government. This ushered in an era of greater confidence in the stability and value of U.S. currency. Silver became the backing for currency with the issue of Silver Certificates beginning in 1878 and continuing through 1957. The Federal Reserve Act of 1913 made the Federal Reserve System the central bank for the United States. Federal Reserve Notes are the only authorized currency produced in the U.S. While rare currency has seen a steady growth incline since the beginning of the century, public awareness of its true rarity has caused an explosion in the last few years. The rich history of the United States can be followed through the fascinating hobby of collecting the nation's currency. In addition, many examples of outstanding and extremely detailed artwork can be found in the engravings that emulate the beauty of these notes, which can sell from $20 to over $1 million. For more information, or to order Joe Bissell's book, The Standard Guide for Grading Paper Money , or the one hour DVD “Collecting & Investing in U.S. Paper Money” visit www.gradedcurrency,com or call (602) 493-4758.

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