George Washington was not excited about having his image on the face of currency. He compared that practice to the egotistical European monarchs' way of keeping their faces in front of their subjects. The faces we see on US currency today are relatively new. Currency figures were changed early in the 20th century. Native Americans as well as Greek and Roman mythology figures were used before that time. The last coins to be converted to profiles of well-known Americans were the 1946-dime and the 1971 paper Dollar.
In 1775, the United States and each individual state began issuing "Continental Currency," which was denominated in Spanish dollars. The US Dollar was valued relative to each state currency. Printing press inflation was the demise of the Continental Dollar. It was replaced by the silver Dollar. One silver Dollar equaled 1,000 Continental Dollars.
The Mint Act passed in 1792, and the US Dollar was pegged to gold at 1.604 grams and silver at 24.05 grams. The value of gold was not standardized with silver by law at that time. Alexander Hamilton made that suggestion to Congress after the Mint Act was enacted. Hamilton suggested a 15-to-1 ratio of silver to gold.
The first gold coins minted had no face value. They were traded for market value relative to the Congressional standard for the silver dollar. The first US Dollar coin was minted in 1794. The Flowing Hair Dollar contained approximately 89% silver and 11% copper. That mixture was specified by the Coinage Act of 1792. Section 9 of that Act proclaimed that the value of the US Dollar was the same as a Spanish milled dollar.
The first paper money was issued in 1862 without any backing from precious metals – thanks to the American Civil War, but the link between paper money and gold and silver was reinstated in 1878. The Gold Standard Act of 1900 tossed the bimetallic standard out and put the value of the US Dollar at 1.05 grams of gold. That effectively valued 1 troy ounce of gold at $20.67. Silver coins continued to be minted until 1964. That's when all silver was removed from dime and quarters and half dollars became 40% silver. The last silver Dollar was issued for circulation in 1969.
Gold was confiscated in 1933 during the depression and the gold standard was changed so 1 troy ounce of gold equaled $35. That standard stayed in place until 1968. Between 1968 and 1975 several gold pegs were put in place. In 1971, gold was priced at $42.22 per ounce. That's when the US Dollar began to float freely in the foreign exchange market. The result of this floatation was the creation of the dollar reserve system made possible by Saudi Arabia. The House of Saud agreed to take nothing but dollars for oil, forcing the rest of the world to hold dollars and effectively allowing the US to export its monetary inflation.
Despite this advantage, the value of the US Dollar has continued to erode due to wars and US political profligacy. Since the advent of the Federal Reserve and the removal of any underpinning relative to Honest Money, the US Dollar has depreciated about 95 percent. It is the thought of those who believe in directed – conspiratorial – history that the Anglosphere elites behind the current central banking economy worldwide are trying to discredit the US Dollar in order to substitute an IMF managed global currency.