Early History of the US Dollar

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When was the US dollar introduced as the official currency?
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The US dollar was introduced as the official currency in 1792.
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What was the first paper currency issued by the US government?
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The first paper currency issued by the US government was called "Demand Notes" during the Civil War.
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How did the Gold Standard affect the US dollar initially?
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The US dollar was initially pegged to the Gold Standard, meaning it was redeemable for a specific amount of gold.
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What was the significance of the Federal Reserve Act of 1913 for the US dollar?
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The Federal Reserve Act of 1913 established the Federal Reserve System, stabilizing the US currency.
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Which act introduced the bimetallism standard in the US?
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The Coinage Act of 1792 introduced the bimetallism standard, using both silver and gold.
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When did the US abandon the Gold Standard completely?
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The US completely abandoned the Gold Standard in 1971 during Nixon’s presidency.
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What was the role of the Continental Congress in US currency history?
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The Continental Congress issued the Continental Currency during the American Revolution.
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How did the US dollar become the world’s primary reserve currency?
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Post-World War II, the Bretton Woods Agreement established the US dollar as the primary reserve currency.
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What event led to the creation of the silver certificate notes?
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The discovery of the Comstock Lode in 1859 led to the creation of silver certificate notes in 1878.
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When did the US Treasury first print a $100 bill?
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The US Treasury first printed a $100 bill in 1862 as part of the Legal Tender Act.
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How did the "Greenback Era" impact the US economy?
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The "Greenback Era" introduced paper currency, expanding the monetary supply and spurring economic growth.
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What shift did the Act of 1873 bring to US currency policy?
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The Act of 1873, also known as the "Crime of 73," ended the bimetallic standard, favoring gold.
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Who were the main figures advocating for silver currency in the late 1800s?
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Main figures included politicians like William Jennings Bryan, who championed the free silver movement.
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What was the impact of the Silver Purchase Act of 1934 on US currency?
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It mandated the Treasury to purchase silver for currency backing, increasing silver’s monetary role.
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Why was the Federal Reserve Note introduced?
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The Federal Reserve Note was introduced to provide a stable and elastic currency system.
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