History of Money In The U.S.: Twinkl PPT

What types of money were used by colonists while still under English rule?

• French, English, and Spanish

• German, Italian, and Dutch

• American, Canadian, and Mexican

• Chinese, Japanese, and Korean

What was a major problem with Continental Currency?

• It was too heavy to carry

• It was easy to counterfeit

• It was made of gold

• It was only used in Europe

Answer explanation

Counterfeit means to imitate something exactly, but it isn't real.

What phrase became popular to express something being worthless?

• Not worth a penny

• Not worth a dime

• Not worth a continental

• Not worth a dollar

Who established the Bank of the United States in 1791?

• George Washington

• Thomas Jefferson

• Alexander Hamilton

• Benjamin Franklin

Answer explanation

The Bank of the United States was established in 1791 by Alexander Hamilton, who was the first Secretary of the Treasury. He advocated for a national bank to stabilize and improve the nation's credit.

What did the Mint Act of 1792 establish?

• The use of paper money

• The dollar as the principal unit of currency

• The gold standard

• The barter system

Answer explanation

The Mint Act of 1792 established the dollar as the principal unit of currency in the United States, standardizing the nation's monetary system and laying the foundation for future currency regulations.

What system did the United States adopt for currency through the Mint Act?

• Binary system

• Fractional system

• Decimal system

• Metric system

Answer explanation

The United States adopted the decimal system for currency through the Mint Act of 1792, establishing a base-10 system that simplified calculations and transactions, making it easier to use compared to other systems.

When did the United States first issue paper money?

• 1800

• 1850

• 1861

• 1900

What were the Demand Notes commonly referred to as?

• Bluebacks

• Redbacks

• Greenbacks

• Yellowbacks

Answer explanation

Demand Notes were commonly referred to as 'Greenbacks' due to their green ink. This term became synonymous with U.S. paper currency, distinguishing them from other notes like 'Bluebacks' or 'Redbacks'.

Why were the Demand Notes called "greenbacks"?

• They were printed with green ink on the back

• They were made of green paper

• They had green borders

• They were signed with green ink

What type of notes replaced Demand Notes in 1862?

• Silver Certificates

• United States notes

• Gold Certificates

• Treasury Bonds

Answer explanation

In 1862, the U.S. government replaced Demand Notes with United States notes, which were also known as greenbacks. These notes were issued to help finance the Civil War and were backed by the government's credit.