
History 4: Banker vs president and the birth of the dollar
Planet Money Summer School
The Turbulent History of U.S. Currency
This chapter examines the critical impact of trust on the banking system and the ramifications of economic panics, with a focus on the Panic of 1837 and the chaotic currency landscape of the 19th century. It highlights the shift from decentralized currency issued by private banks to the establishment of national banks, particularly in response to the financial needs during the Civil War. Through discussions of quirky historical banknotes and the challenges of counterfeiting, the chapter underscores the evolution of America's approach to currency and financial regulation.
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