Early History of the US Dollar

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When was the US dollar introduced as the official currency?

The US dollar was introduced as the official currency in 1792.

What was the first paper currency issued by the US government?

The first paper currency issued by the US government was called "Demand Notes" during the Civil War.

How did the Gold Standard affect the US dollar initially?

The US dollar was initially pegged to the Gold Standard, meaning it was redeemable for a specific amount of gold.

What was the significance of the Federal Reserve Act of 1913 for the US dollar?

The Federal Reserve Act of 1913 established the Federal Reserve System, stabilizing the US currency.

Which act introduced the bimetallism standard in the US?

The Coinage Act of 1792 introduced the bimetallism standard, using both silver and gold.

When did the US abandon the Gold Standard completely?

The US completely abandoned the Gold Standard in 1971 during Nixon’s presidency.

What was the role of the Continental Congress in US currency history?

The Continental Congress issued the Continental Currency during the American Revolution.

How did the US dollar become the world’s primary reserve currency?

Post-World War II, the Bretton Woods Agreement established the US dollar as the primary reserve currency.

What event led to the creation of the silver certificate notes?

The discovery of the Comstock Lode in 1859 led to the creation of silver certificate notes in 1878.

When did the US Treasury first print a $100 bill?

The US Treasury first printed a $100 bill in 1862 as part of the Legal Tender Act.

How did the "Greenback Era" impact the US economy?

The "Greenback Era" introduced paper currency, expanding the monetary supply and spurring economic growth.

What shift did the Act of 1873 bring to US currency policy?

The Act of 1873, also known as the "Crime of 73," ended the bimetallic standard, favoring gold.

Who were the main figures advocating for silver currency in the late 1800s?

Main figures included politicians like William Jennings Bryan, who championed the free silver movement.

What was the impact of the Silver Purchase Act of 1934 on US currency?

It mandated the Treasury to purchase silver for currency backing, increasing silver’s monetary role.

Why was the Federal Reserve Note introduced?

The Federal Reserve Note was introduced to provide a stable and elastic currency system.

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