Paper Money Day 2023: Date, History, Facts, Activities

Paper Money Day is observed annually on March 10, the anniversary of the issuance of the first United States Notes (or Legal Tender Notes) in the United States. On this day, we celebrate the longevity of the United States’ paper currency. Obviously, the notes have been modified and updated over time, but they were instrumental in laying the groundwork for the paper currency used today. If you still possess one of the original notes from 1962, you are in possession of an irreplaceable piece of American history.

The background of Paper Money Day

The American history of paper currency is somewhat complicated. Prior to 1862, when the first legal tender notes were issued, paper money already existed. In order to finance military action during King William’s War, the first paper currency was produced in Massachusetts on February 3, 1690. However, this was simply a credit note — a “IOU” from the colony to the soldiers. Congress attempted to replicate this on a larger scale in 1775, but failed due to accelerated inflation.

In the 1860s, two types of emergency paper currency were issued: Demand Notes in 1861 and United States Notes in 1862. These bills were used to pay for expenses during the American Civil War. The Demand Notes were no longer redeemable and their value began to decline.

The First Legal Tender Act, which was signed by President Abraham Lincoln and passed into law in February 1862, authorised the United States Note as federal currency. The first United States Notes were issued on March 10, 1862, which is why we celebrate Paper Money Day on this date.

Obviously, there were other methods of exchanging value prior to paper currency, with bartering being the earliest. We transitioned from barter to coins, with the Chinese being the first to use an object resembling a modern coin. In 700 B.C., they were also the first to switch from coins to paper currency.

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PAPER MONEY DAY ACTIVITIES

Read some material

If perusing this article resulted in some surprises, it indicates that too few people are aware of the true history of paper currency. Spend the day reading and you may discover some interesting facts to share with your peers at your next get-together.

Use only paper currency for the day.

You can observe Paper Money Day by exclusively using paper currency throughout the day. Put your spare change into the vending machine. No dropping of pennies into a tip receptacle. No giving loose change to the destitute. On March 10, only paper currency may be given or spent, and change must be left behind.

Find some authentic U.S. currency.

Due to the fact that the original United States Notes have been discontinued, this may be difficult to accomplish, but if you do, you will have struck gold. If you cannot locate some of the original notes, you can discover images of them online to compare with the notes we currently possess.

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5 little-known facts about paper currency

What we refer to as paper money is actually comprised of cellulose, not paper.

In the 18th century, ripped paper was repaired with a needle and thread.

The Federal Bureau of Printing and Engraving tested the durability of paper currency by running it through washing machines.

A 2009 study disclosed that 90% of U.S. paper currency contains cocaine residue.

The inks used to print paper currency contain the chemical calcium carbonate, which is also used to produce red pyrotechnics.

PAPER MONEY DAY DATES

Year	Date	Day
2023	March 10	Friday
2024	March 10	Sunday
2025	March 10	Monday
2026	March 10	Tuesday
2027	March 10	Wednesday