During the early-20th century, the value of money in circulation in the United States underwent different phases throughout each decade. There was steady growth in most years between 1900 and 1915, before the amount in circulation rose in the late-1910s as the U.S. printed large amounts of money to fuel its economy in the First World War. During the war, however, the U.S. remained on the gold standard while most other major powers abandoned it in order to fund their own war efforts; printing of money in the U.S. was on a much smaller scale than European currencies, which saw the U.S. dollar emerge as one of the most stable and popular reserve currencies in the world.
Great Depression
The value of money in circulation in the U.S. fell after the war, and remained consistent between 4.7 and 4.9 billion U.S. dollars for the rest of the decade. The amount of currency in circulation then dipped during the Great Depression, before fluctuating across the rest of the 1930s as the government implemented various measures to promote spending but restrict inflation - some of these measures were similar to the quantitative easing seen after the Great Recession in 2007, but on a much smaller scale. The Depression also saw the U.S. (mostly) abandon the international gold standard in 1933, which gave it greater freedom to print its own money, although the currency was still backed up by gold to prevent inflation.
WWII
The largest spike in circulation then came during the Second World War, as the government printed money once more to fuel production during the Second World War, roughly tripling the amount in circulation between 1941 and 1945. This saw the value of the dollar fall (in terms of purchasing power), although much of the cash raised for the war effort was through war bonds, which alleviated pressure on the dollar.
Total value of currency and notes in circulation in the United States from 1900 to 1950
Characteristic
Total currency
Notes
1950
27,000
26,000
1949
27,000
26,000
1948
28,000
26,000
1947
28,000
27,000
1946
28,000
27,000
1945
27,000
26,000
1944
23,000
21,000
1943
17,000
16,000
1942
12,000
12,000
1941
9,600
8,900
1940
7,800
7,200
1939
7,000
6,500
1938
6,500
5,900
1937
6,400
5,900
1936
6,200
5,800
1935
5,600
5,100
1934
5,373
4,944
1933
5,721
5,002
1932
5,695
4,842
1931
4,822
4,034
1930
4,522
3,727
1929
4,746
3,935
1928
4,797
3,984
1927
4,851
4,034
1926
4,885
4,068
1925
4,815
3,996
1924
4,849
4,052
1923
4,823
4,021
1922
4,463
3,671
1921
4,911
4,085
1920
5,468
4,576
1919
4,877
4,012
1918
4,482
3,576
1917
4,066
3,066
1916
3,649
2,724
1915
3,320
2,450
1914
3,459
2,560
1913
3,419
2,529
1912
3,335
2,458
1911
3,263
2,414
1910
3,149
2,303
1909
3,149
2,303
1908
3,079
2,224
1907
2,814
2,008
1906
2,775
1,879
1905
2,623
1,762
1904
2,553
1,706
1903
2,400
1,585
1902
2,279
1,462
1901
2,203
1,399
1900
2,081
1,302
Zoomable Statistic: Select the range in the chart you want to zoom in on.
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
Macmillan Publishers. (December 1, 1993). Total value of currency and notes in circulation in the United States from 1900 to 1950 [Graph]. In Statista. Retrieved November 22, 2024, from https://www.statista.com/statistics/1317613/us-currency-circulation-historical/
Macmillan Publishers. "Total value of currency and notes in circulation in the United States from 1900 to 1950." Chart. December 1, 1993. Statista. Accessed November 22, 2024. https://www.statista.com/statistics/1317613/us-currency-circulation-historical/
Macmillan Publishers. (1993). Total value of currency and notes in circulation in the United States from 1900 to 1950. Statista. Statista Inc.. Accessed: November 22, 2024. https://www.statista.com/statistics/1317613/us-currency-circulation-historical/
Macmillan Publishers. "Total Value of Currency and Notes in Circulation in The United States from 1900 to 1950." Statista, Statista Inc., 1 Dec 1993, https://www.statista.com/statistics/1317613/us-currency-circulation-historical/
Macmillan Publishers, Total value of currency and notes in circulation in the United States from 1900 to 1950 Statista, https://www.statista.com/statistics/1317613/us-currency-circulation-historical/ (last visited November 22, 2024)
Total value of currency and notes in circulation in the United States from 1900 to 1950 [Graph], Macmillan Publishers, December 1, 1993. [Online]. Available: https://www.statista.com/statistics/1317613/us-currency-circulation-historical/