In early 18th centuryColonial America, engravers began experimenting with copper plates as an alternative medium to wood. Applied to the production of paper currency, copper-plate engraving allowed for greater detail and production during printing. It was the transition to steel engraving that enabled banknote design and printing to rapidly advance in the United States during the 19th century.
Engraving and printing early American banknotes
The first issue of government-authorized paper currency in America was printed by the Province of Massachusetts Bay in 1690. This first issue, dated 10 December 1690, was printed from an engravedcopper plate with four subjects to a sheet. The first engraver identified in archival records was John Coney who appears to have been paid 30£ on 12 March 1703 to engrave three copper plates for the Massachusetts issue dated 21 November 1702. Given the many design similarities between the 1690 note and those engraved by Coney in 1702, there has been speculation that he may have engraved the earlier note. If true, he would be the first American to engrave on copper plates. Several historical figures with a background in engraving and printing were involved in the production of early American currency. Benjamin Franklin began printing Province of Pennsylvania notes in 1729, took on a partner in 1749, and then left the currency printing business after the 1764 issue. Paul Revere both engraved and printed bank notes for the Province and then the state of Massachusetts between 1775 and 1779, and the Province of New Hampshire in 1775. Revere's father, Apollos Rivoire, was John Coney's pupil. David Rittenhouse engraved some border designs for the 10 May 1775 Continental currency and 25 March 1776 Colony of New Jersey 6£ note. Francis Hopkinson does not appear to have done engraving, but he is credited with the designs for border-cuts, emblems, and mottos on three issues of Continental currency in 1778-1779.
Engraving and printing at the U.S. Treasury
The first series of Federally-issued United States banknotes was authorized by Congressional acts on 17 July 1861 and 5 August 1861. While the Demand Notes were issued from the United States Treasury, they were engraved and printed elsewhere. In 1861, in fact until the mid-1870s, the Treasury Department lacked the facilities or infrastructure to engrave and print the bulk of it financial paper and therefore relied on external contracts with private bank note companies. By means of a Congressional act dated 11 July 1862, the Secretary of the Treasury received authorization to purchase machinery and employ the staff necessary to manufacture currency at the Treasury. It was not until 1877 that the Bureau of Engraving and Printing was given funding for labor, paper, transportation, and other expenses with the provision that all work be conducted on site, and for a price commensurate with that of the private bank note companies. On 1 October 1877, the BEP took over the production of both United States Note and National Bank Note production.
