Yes, the federal government is the only entity that has the authority to print US currency. They have given the power to the Federal Reserve Bank, which is not a part of the federal government, but a privately held bank.
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Legal tender can only be minted by the Federal Government.
Treasury
Article I, Section 8 of the Constitution says that "The Congress shall have Power...To coin Money, regulate the Value thereof, and of foreign Coin," and Section 10 says that "No State shall...coin Money". It is illegal for private citizens to coin money. The Supreme Court has ruled that Congress's power to coin money includes the power to print paper money and make it legal tender. The Federal Reserve decides how much money will be produced. Paper money is printed by the Bureau of Engraving and Printing, and coins are produced by the United States Mint.
The "Articles of Confederation", ratified in 1781, codified the 13 Colonies as an independent country. However the Articles specified a weak central government, allowed the states to coin their own money, and also allowed the states to conduct their own foreign policy. After the Shays Rebellion was brutally put down by the government of Massachusetts, the Constitution was written and adopted, giving the United States the form of government it has today.
To coin money, protect us from other countries, promote the general welfare of the people, and resolve disputes between states and THAT'S IT. Lately it's been trying to grow more more powerful but the Tenth Admendment is supposed to prevent this. The civil war came about as a result of the federal governmnent infringing on states rights, and that may happen again in the future.