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A Brief July Financial History Lesson

A Brief July Financial History Lesson

July 21, 2023

Since we are still in July, I wanted to share a short U. S. history lesson.

Click on the link below to view an article detailing how Benjamin Franklin laid the groundwork for foiling early counterfeiters (mostly British). At the time of the Revolutionary War, most of the money used in the Colonies was coinage. Benjamin Franklin, a printer, was an early innovator of printing techniques such as inks and thread designs taken from leaf prints that are still in use today. It wasn’t until the Civil War that the U. S. government authorized the printing of the first dollar bills, “greenbacks.” Franklin’s influence was included in those designs, some of which we can see today.

Benjamin Franklin Foils Early Counterfeiters

If you have a $1 bill handy, please pull it out and look at the back of the bill. To the right you’ll see the circle with the Eagle; to the left you’ll see the pyramid with the eye at the top. Franklin’s leaf designs are imbedded in the green threads along with other ink lessons. The pyramid has 13 layers; the eye is cast to the left, looking west. At the time, the western U.S. was still largely unknown, just as space is unknown to us today. To the right, above the eagle’s head, there’s a circle containing 13 stars. The stars are stacked with the design of the Star of David, as a tribute to the Jewish contribution to the Revolutionary War.

Click on the link below to learn more about about Haym Salomon, the Jewish businessman who raised most of the money needed to finance the American Revolution. He asked George Washington and other founding fathers to remember his contributions for the future. He was also the hero who saved our new nation from financial collapse.

Haym Salomon's Role in American History´╗┐

Please let me know what you think of this financial history lesson by e-mailing me at cdanford@capfs.com.