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<p>[QUOTE=&quot;dreamer94, post: 316005, member: 6449&quot;]Paper currency was first issued in the US by Massachusetts Bay Colony and later by the Continental Congress.&nbsp; Then as now, the notes were really promissory notes, that could represent money not actually on hand.&nbsp; The first paper currency issued by the US government was in 1861 during the Civil War when the US government was deeply in debt.&nbsp; </p><p><br /></p><p>I assume practicality also had something to do with it. When they started needing denominations larger than $20 worth of gold, it would have been difficult to continue using coins.&nbsp; For example, a $100 coin would have required 5 oz. of gold, too heavy to carry around.[/QUOTE]</p><p><br /></p>

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