121 The US Dollar - One Minute History

The video covers the history of US currency, starting with the Continental, which lost value post-war, leading to the Coinage Act of 1792 and the creation of the US dollar as a silver coin. Gold and silver were legal tender until the greenback was introduced during the Civil War. The gold standard was reinstated in 1873. The Federal Reserve was established in 1914, and during WWII, the US became the largest gold holder, boosting the dollar's global dominance. In 1970, Nixon removed the gold standard, making the dollar's value reliant on the US government's strength.

What was the primary reason for the creation of the greenback currency?

• To fund the Revolutionary War

• To stabilize the economy

• To replace the Continental currency

• To fund the Civil War

In what year was the first paper U.S. dollar printed?

• 1914

• 1873

• 1792

• 1970

What significant change occurred to the U.S. dollar during World War Two?

• It was backed by silver

• It was traded for gold by allies

• It was removed from the gold standard

• It was first printed as paper currency

Who was responsible for removing the gold standard from the U.S. dollar?

• George Washington

• Richard Nixon

• Abraham Lincoln

• Franklin D. Roosevelt

After the removal of the gold standard, what backed the value of the U.S. dollar?

• The U.S. government's strength

• Silver reserves

• Gold reserves

• Foreign investments