Society did not develop monetary commodity systems until the mid-nineteenth century

This is FALSE. On February 3, 1690, the Massachusetts Bay Colony was said to have issued the first paper money in the U. S. in order to pay for military action against Canada during King William's War.

it wasn't until the National Banks Act after the civil war that the U. S. government introduced a monetary system where banks could issue paper notes based on their holding of government bonds, giving the U. S. its first uniform paper currency.